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In This Issue:
ELECTRONIC FILING OF CORPORATE RETURNS IN JANUARY 2003
2002 TAX HINTS, A PRACTITIONER'S GUIDE TO THE FILING SEASON DEADLINE NEARS FOR MINISTERS WHO WISH TO REVOKE SELF-EMPLOYMENT TAX EXEMPTION
ELECTRONIC FILING OF CORPORATE RETURNS IN JANUARY 2003
The IRS is continuing to provide business customers with electronic alternatives to filing paper returns. The latest efforts focus on Form 1120, U.S. Corporation Income Tax Return, and Form 1120S, U.S. Corporation Income Tax Return for an S Corporation. Initial release of the Form 1120/1120S electronic filing program is planned for January 2003 and will include 14 of the most commonly used forms and schedules.
The IRS is partnering with software developers, accounting firms, and tax practitioners to make sure the unique issues and needs of each market segment are addressed by the program. If you’re interested in filing Form 1120 or 1120S electronically, ask your software developer if they are planning to offer this feature in future releases of their tax preparation software packages.
Stay tuned for more updates on IRS e-file for Business services.
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2002 TAX HINTS, A PRACTITIONER'S GUIDE TO THE FILING SEASON
The 2002 edition of Tax Hints, a Practitioner's Guide to the Filing Season, is now available at the Tax Professionals area of irs.gov.
The 2002 Tax Hints contains information about changes for this year plus points of contact, phone and fax numbers, Lockbox addresses and much more. Click on the link below and then right-click on the phrase "Tax Hints 2002 is here" and select "Save Target As" to download your copy.
http://www.irs.gov/taxpros/display/0,,i1%3D5%26genericId%3D7175,00.html
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DEADLINE NEARS FOR MINISTERS WHO WISH TO REVOKE SELF-EMPLOYMENT TAX EXEMPTION
Ministers, Members of Religious Orders, and Christian Science Practitioners exempt from self-employment tax because of approved Forms 4361 have until April 15, 2002, to revoke their exemption if they wish to re-enter the Social Security system. This deadline is extended beyond April 15, 2002, if they have a valid extension to file their 2001 tax return.
The Ticket to Work and Work Incentives Improvement Act of 1999 provides a window of opportunity for certain individuals to revoke their approved Form 4361, Application for Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders, and Christian Science Practitioners. Only elections that were effective for the tax year including December 17, 1999, may be revoked under this provision. The revocation may be elected beginning with either 2000 or 2001.
If they choose to revoke their exemption:
- They will begin being covered under the Social Security system and may be eligible for Social Security and Medicare benefits.
- Earnings for the effective year and all subsequent years will be subject to self-employment tax and applicable penalties and interest including any estimated tax penalties.
Once revoked, they can NEVER AGAIN elect exemption from self-employment tax. To revoke the exemption, Form 2031, Revocation of Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders, and Christian Science Practitioners, must be filed by the due date. Forms may be filed with the IRS by fax at 859-292-7867 or by mail:
Internal Revenue Service
Stop 14M
Attn: Exemption Revocation
P.O. Box 12267
Covington, KY 41012-0267
Additional information is available in Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers.
Form 2031 and Publication 517 can be obtained from the IRS Web site at www.irs.gov or by calling 1-800-829-3676.
Further information can also be obtained by calling 1-800-829-1040 between the hours of 7 a.m. and 10 p.m. Monday through Friday.
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