Wednesday, May 31, 2006
The IRS announced today (IR-2006-84) that General Electric (GE), which has the dubious honor of having "the nation’s largest tax return," filed it electronically this year on May 18:
On paper, GE’s e-filed return would have been approximately 24,000 pages long. After filing, GE received IRS’ acknowledgement of its filing in about an hour. The file was 237 MB....
This is the first year that certain large corporations with assets in excess of $50 million were required to file electronically. The IRS expects more than 10,000 of these large corporations to e-file by the extended filing date of Sept. 15, 2006. More than 4,750 large corporations have already e-filed this year, including 3,042 with assets of $50 million or more....
E-file has been available to corporations on a voluntary basis since 2004. In 2005, more than 200,000 corporations filed their corporate income tax returns electronically. Corporations that have assets of $50 million or more and file at least 250 returns annually are mandated to electronically file their 1120/1120S income tax returns for tax years ending on or after Dec. 31, 2005. After the first effective year, the requirement will affect corporations that have assets of $10 million or more.
GE must have a heckuva broadband connection! For more on e-filing by large corporations, see here.