Pennsylvania Businesses Can Now File Their State Corporate Taxes Electronically

HARRISBURG, Pa., July 20 /PRNewswire-USNewswire/ -- Pennsylvania businesses now can electronically file their state corporate tax reports, schedules and payments for tax year 2006.

"For the first time, the 320,000 Pennsylvania businesses that file corporate net income and capital stock and franchise tax reports can file electronically," Secretary of Revenue Thomas W. Wolf announced today. "Electronic filing is the most cost-effective method of filing a tax return and the returns are processed faster and more accurately compared to the traditional paper tax returns." Pennsylvania joins six other states, including neighboring New York and Maryland, in partnering with the IRS and software vendors to provide a single- point electronic filing method that allows federal and state corporate tax returns to be filed simultaneously. For a list of software vendors approved by the state to prepare electronic corporate tax reports, visit the Revenue Department's e-Services Center at Software developers and products will be added to the list in alphabetical order as vendors are approved. The Pennsylvania Corporate Tax Report (form RCT-101) is used to file the corporate net income, capital stock and foreign franchise and corporate loans taxes. Pennsylvania corporate tax reports are due April 15 for corporations operating on a calendar-year basis -- Oct. 15 for those businesses that requested a six-month extension of time to file -- or 30 days after the federal corporate tax due date for corporations operating on a fiscal-year basis. The IRS has offered electronic filing for federal corporate tax returns since 2004 and now requires some large and mid-size corporations to file electronically. The IRS requires corporations with assets exceeding $10 million and that file at least 250 federal returns each year, such as Form W-2 and Form 1099, to file corporate tax returns electronically. These businesses can now electronically file their Pennsylvania corporate tax reports at the same time. The PA Department of Revenue requires business tax payments of $20,000 or more to be submitted electronically. CONTACT: Stephanie Weyant (717) 787-6960

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