INTERNAL REVENUE SERVICE
On, January 11, 2005, IRS issued temporary regulations that require corporations to electronically file (e-file) Forms 1120 and Form 1120S for tax periods ending on or after December 31, 2005, using the new IRS Modernized e-File system if they:
Have been in existence for at least one year (one calendar year for 1120S)
prior to the due date (excluding extensions) of its corporate income tax
Tax exempt organizations with total assets of $100 million or more
and file at least 250 returns per year are required to file Form 990
electronically for tax years ending on or after December 31, 2005.
\u2022Private foundations and charitable trusts will be required to electronically file
Form 990-PF regardless of asset size for tax years ending on or after
December 31, 2006, if they file at least 250 returns.
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