Corporate Tax Executives Weigh In on E-filing
Our report on the experiences of corporations in the first year of the Internal Revenue Service mandate to e-file federal tax
E-filing — what have we learned from year one?
Tax Year 2005 was the first year that corporations with $50 million or more in assets that file at least 250 returns in a tax year were required to file their federal income tax returns electronically. To learn how these corporations fared with the e-file mandate, Deloitte Tax LLP conducted a survey of more than 300 senior corporate tax executives.
Our survey findings indicate that:
Preparing and filing federal tax returns was more difficult, time-consuming and costly for Tax Year 2005 due to the requirement to e-file.
Learning the new process and clearing software and IRS rejection errors were among the greatest challenges.
Planning and staff training helped ease the transition to the e-file process.
Read the full report attached below.