Filing Deadline for Calendar Year Corporation and S Corporation Returns and Extensions is March 15, 2010

The IRS filing deadline for calendar year Corporation and S Corporation returns and extensions for tax year 2009 is March 15, 2010. Timely e-filing of returns/extensions must be transmitted to the Intuit Electronic Filing Center by 11:59 p.m. on March 15, 2010, in the ERO's time zone.

Important Note: Starting with the 2010 processing year, the IRS "perfection period" has changed from 20 days to 10 days for rejected Corporation and S Corporation returns. Electronically filed returns that are timely filed and rejected can be corrected and retransmitted by the later of the due date of the return or 10 calendar days from the date the rejection was issued by the IRS. For more information, please view the KB Article.

New York Fiduciary E-File Mandate Exception

New York Fiduciary: New York has issued a mandatory e-file requirement for all return types filed beginning on January 1, 2010. Lacerte does not support 1041 (Fiduciary) e-filing for TY09. There is an exception for the e-file mandate for 1041 customers for TY09. If customers have purchased software that does not support e-filing for 1041, they will be able to still paper file this form for TY09. For more information, please view the KB Article.

Lacerte 5500 E-File Mandates

TY'09 Lacerte Tax will be fully compliant with the Department of Labor's recent e-file mandate for the 5500 Benefit tax module including the EFAST2 PIN signature requirement between the preparer and the sponsor of the Benefit plan.

The TY'09 Lacerte 5500 Benefit tax module is currently available (as of Release 3 on January 14, 2010), but does not yet include the ability to e-file returns. The e-file portion of the 5500 Benefit tax module, including support for the EFAST2 PIN, is scheduled to be available in an Internet Update mid-April (this will occur after the April 15, 2010, deadline to avoid interruptions during the 1040 filing season). This is in advance of the filing deadline for 5500 returns, which is July 31, 2010. When the EFAST2 PIN signature feature is delivered in TY’09 Lacerte, tax preparers will have the ability to send an email to the sponsor(s) of the Benefit plan and allow the sponsor(s) to complete the PIN signature at their convenience. For more information, please view the KB Article.

Answers to Popular Questions Asked During March 15th Deadline

Click the links below to find answers to popular questions Lacerte users ask during the March 15th filing deadline.

• What is the deadline for retransmitting timely filed rejected business returns?
• How do I file batches of extensions electronically?
• How do I batch print extension forms?
• How do I attach PDF documents to an e-file return?
• What can I do if the e-file status is not updating?

Have a question that doesn't appear in this newsletter? Visit Lacerte Online Support to search our knowledge base, ask IVA, browse FAQs, view hot topics, and much more.

IRS Outlines Additional Steps to Assist Unemployed Taxpayers and Others

On March 9, 2010, the IRS issued News Release IR-2010-29, announcing several additional steps it is taking this tax season to help people having difficulties meeting their tax obligations because of unemployment or other financial problems. For more information, please visit the IRS Web site.

IRS Announces Qualified Disaster Treatment for Chile

On March 9, 2010, the IRS issued News Release IR-2010-28, issuing guidance designating the earthquake that occurred in Chile in February 2010 as a qualified disaster for federal tax purposes. The guidance allows individuals who receive qualified disaster relief payments from any person to exclude those payments from income on their tax returns. Also, the guidance allows employer-sponsored private foundations to assist employee-victims in areas affected by this earthquake without affecting their tax-exempt status. For more information, please visit the IRS Web site.

Use the Missing Data Utility to Easily Track Missing Client Information

Use the Missing Data Utility to easily and quickly track, gather, and enter missing client information—all from within Lacerte. For more information, please view the Missing Data Utility Video.

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