IRS adds forms to e-filing

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The Internal Revenue Service on Friday issued a series of regulations designed to eliminate the regulatory barriers that keep businesses from electronically filing many income tax forms.

In some cases the old regulations required taxpayers to attach third-party documents or statements, while other regulations would not allow electronic signatures.

Effective immediately, businesses and nonprofit organizations will now be able to electronically file:

* Form 926, "Return by a U.S. Transferor of Property to a Foreign Corporation."

* Form 972, "Consent of Shareholder To Include Specific Amount in Gross Income."

* Form 973, "Corporation Claim for Deduction for Consent Dividends."

* Form 982, "Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)."

* Form 1120, "U.S. Corporation Income Tax Return."

* Form 1120S, "U.S. Income Tax Return for an S Corporation."

* Form 1122, "Authorization and Consent of Subsidiary Corporation To Be Included in a Consolidated Income Tax Return."

* Form 5471, "Information Return of U.S. Persons With Respect To Certain Foreign Corporations."

* Form 5712-A, "Election and Verification of the Cost Sharing or Profit Split Method Under Section 936(h)(5)."

* Form 8832, "Entity Classification Election."

IRS officials also urged tax preparers to apply to e-file for their clients before Dec. 31. It usually takes 45 days for the agency to process an application because of the required background checks. That process is still paper-based, although IRS officials are working on an online application.

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