The IRS officially opened the electronic filing system for corporations and partnerships last Monday.
There is still a long list of forms that need to be approved before we can file all returns. Unfortunately, the unapproved forms effect the majority of business filers. Most critical to filing has been the revised forms related to depreciation (Form 4562).
Good news! Yesterday the IRS approved Form 4562 and we began filing the majority of business tax returns.
The remaining unapproved forms, impact changes to the law related to credits. Most importantly the education credit, general business credits and the research and development credit. The IRS expects these forms to approved by the end of the month and open e-filing for all taxpayers.
If you have any questions related to how this delay may effect your specific filing, please do not hesitate to contact us.