Treasury and the IRS have released final regulations on electronic filing requirements, as part of efforts to implement the Taxpayer First Act of 2019.
The final regulations will affect filers of partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns, registration statements, disclosure statements, notifications, actuarial reports and certain excise tax returns.
The new final regulations will require certain filers to e-file beginning in 2024. Specifically, the final regulations reduce the 250-return threshold enacted in prior regulations to generally require e-filing by filers of 10 or more returns in a calendar year.
They also eliminate the e-filing exception for income tax returns of corporations that report total assets under $10 million at the end of their taxable year. Learn more.