The IRS is heavily promoting electronic filing options. This promotion has run into problems with corporations because of complex regulations. The IRS is now moving to correct this problem.
IRS Simplifies Reporting Requirements for Corps
Corporate tax filings are legendary for their complexity, number of forms that must be filed and general burden they create. Large, publicly traded corporations make every effort to file the proper forms, but the burden is such that when all is said and done, one corporation reported it had to file the equivalent of three tax forms for every working hour of the year. For small corporations and shareholders, the burden is not much less.
Given this massive tax burden, the idea of a corporation filing electronic tax returns is laughable. The IRS has finally realized as much. In response, it is making an effort to simplify or do away with regulations. In fact, the service has changed over 20 different regulatory groups to massively simplify a variety of tax situations.
One area of simplification has to do with the transfer of interest in certain types of corporate share transfers. Known as a section 351 transfer,...
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