Tax Planning and Compliance

Information returns are tax documents that businesses are required to file to report certain business transactions. Businesses are required to file these reports to the Internal Revenue Service. The requirement to file information returns is mandated by IRS and related regulations. “Any person, including a corporation, partnership, individual, estate, and trust, who make reportable transactions during the calendar year must file information returns to report those transactions to the IRS” (IRS.gov, “Information Returns by Form,” 8/31/2013). Persons required to file one or more information returns will also be required to furnish statements to their respective recipients (IRS.gov, “Information Returns by Form,” 8/31/2013). Filers with 250 or more recipients must file their returns electronically.

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