KPMG has notified NSAC that the Joint Committee on Taxation has released JCS-1-08, Description of Revenue Provisions Contained in the President’s Fiscal Year 2009 Budget Proposal (March 2008).  The report provides a description and analysis of the tax revenue provisions included in the budget proposal submitted to Congress on February 4, 2008.

One provision would expand mandatory e-filing to certain large organizations—including cooperatives, partnerships, S corporations, life insurance corporations, and property and casualty insurance corporations.

For tax years ending on or after December 31, 2006, cooperative associations with total assets in excess of $10 million must file Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More).  The proposal would require all corporations and partnerships required to file Schedule M-3 to file income tax returns electronically.  The proposed effective date is for tax years ending after December 31, 2008.

Text of the JCT description is available on the JCT Web site: http://www.house.gov/jct/s-1-08.pdf.  The e-filing requirement is discussed on page 158.