E-filing mandatory for preparers with 10+ returns
President Barack Obama signed legislation into law that contains a provision requiring electronic filing for any return preparers who prepare 10+ individual income tax returns in a calendar year.
The measure is effective for returns prepared after Dec. 31, 2010. The term “individual income tax return” includes returns for estates and trusts as well as individuals.
The “Worker, Homeownership, and Business Assistance Act of 2009” specifies that the legislation applies to any individual tax return prepared by a tax return preparer except for preparers that expect to file 10 or fewer individual income tax returns during a calendar year.
Benson Goldstein, senior technical manager at the AICPA, said the bill was in the form of a Senate amendment to H.R. 3548, which initially only addressed unemployment benefits, saying the Senate version “added a number of general tax provisions.”
The bill extends the First-time Homebuyer Credit to apply to residences purchased before July 1, 2010, by any taxpayer who enters into a written binding contract before May 1, 2010, to close before July 1, 2010.
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