Announcement

Collapse
No announcement yet.

2011 Schedule C draft

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    2011 Schedule C draft

    The draft of Schedule C is out. Yyou must check a box indicating whether you were required to send in 1099 forms and if you have or are going to do so.
    I guess if you say I was required but am not doing so you should expect an audit.
    Also credit card and other third party payments of income must be stated separatly.

    #2
    Link

    Do you have a link to view this form?

    Thanks,
    Superman

    Comment


      #3
      Here is the IRS site:



      Also check the Schedules E and F for the 1099 questions.

      And all the returns C, E, F, 1065, 1120, and 1120S require gross receipts to separate Credit Card receipts from other receipts.
      Jiggers, EA

      Comment


        #4
        Another link

        Comment


          #5
          Sch C info

          Originally posted by superman View Post
          Do you have a link to view this form?

          Thanks,
          Superman
          This was already posted a couple of threads down.........

          Link to 2011 Schedule C (draft)


          Link to 2011 Schedule C instructions (draft)


          See page C-4 for answers to your question.

          FE

          Comment


            #6
            I just wonder. What's the reason to separate credit card receipts from the other kinds of receipt? I would understand if they want to separate cash receipts from non-cash receipts. But what end would it serve to know the credit card receipts?

            Comment


              #7
              Form 1099-K

              Because businesses will receive Forms 1099-K from their credit card processors and other third-party processors; the IRS also receives those forms and matches the amounts to amounts reported on tax returns.

              Comment


                #8
                I have a question regarding the 1099K reporting

                On page 3 of the instructions under "Exception for de minimis payments - it states that a 3rd party settlement organization is required to report any information ----- only if

                *the gross amount of total reportable payment transactions exceeds $ 20,000 AND
                * the total number of such transations exceeds 200

                Can someone give me an example of "Third Party" Transaction?

                I am not concerned about issuing 1099K forms, but rather the receipt of 1099K forms for one or two of my Biz Accounts.

                Thanks,

                Sandy

                Comment


                  #9
                  Originally posted by S T View Post
                  I have a question regarding the 1099K reporting

                  On page 3 of the instructions under "Exception for de minimis payments - it states that a 3rd party settlement organization is required to report any information ----- only if

                  *the gross amount of total reportable payment transactions exceeds $ 20,000 AND
                  * the total number of such transations exceeds 200

                  Can someone give me an example of "Third Party" Transaction?

                  I am not concerned about issuing 1099K forms, but rather the receipt of 1099K forms for one or two of my Biz Accounts.

                  Thanks,

                  Sandy
                  PayPal, I would presume.

                  People sell lots of stuff on e-Bay. While some are "garage sale" type stuff, others make it a business and not report any income.

                  This will help the states that are looking for sales tax. If a 1099-K is issued and reported on their 1040, and the related state return, I would bet that the state would then try to match up sales tax reports.
                  Jiggers, EA

                  Comment

                  Working...
                  X