Comments due on IRS proposal regarding information returns
The Internal Revenue Service is publishing in Thursday's Federal Register proposed regulations that would amend the rules for determining whether information returns must be filed electronically. The proposed regulations would require that all information returns, regardless of type, be taken into account to determine whether a person meets the 250-return threshold and, therefore, must file the information returns electronically. The proposed regulations also would require any person required to file information returns electronically to file corrected information returns electronically, regardless of the number of corrected information returns being filed. Current rules provide a separate 250-return threshold for each type of information return. Comments and requests for a public hearing on the proposal will be accepted for 60 days (through July 30, 2018).