2011 draft tax forms from the IRS

[Burke]

Yes, but the totals at the bottom of the page are for the Sales Price, Cost Basis, and Adjustments to Basis columns. There is no column for the gain or loss on the form at all. That column is very useful for catching errors on a transaction-by-transaction basis,

If the net gain or loss is off, the form doesn't provide an easy way to identify the error. I usually just scan the gain/loss results to catch data entry errors when my grand totals don't agree with my supporting documentation. (Of course, I realize I could eliminate this problem very simply by just not making any errors when I enter the data.

I am going to assume that these totals are carried forward to Sche D by the software so that you would have a figure for net gain or loss there.

[Burke]

I was looking at the form also. It has a column for basis adjustment. So, I am "assuming" that if your client has a different basis than the 1099B it would be adjusted there. So, I wonder if the IRS plans to follow up and question those adjustments.

Interesting. I was wondering exactly what that column was for. I noticed it on a lot of brokerage statements this year, and in many cases, it was different from the "cost basis" column.

[JohnH]

True, but the totals are carried to schedule D in summary form only. The form doesn't provide a way to quickly scan for net gain or loss on a transaction-by-transaction basis. That's what is really useful when the grand totals don't agree with the source documentation

[Lion]

Fe

FE, if I don't have your very helpful link on the tip of my tongue, how do I tell someone to navigate on IRS.gov to get to draft tax forms? I'm attending a meeting of NY & CT tax preparers Wednesday and want to draw their attention to some of these changes. I tried searching the site myself, and couldn't find the 2011 drafts so came back here to click on your link.

[DonPriebe]

FE, if I don't have your very helpful link on the tip of my tongue, how do I tell someone to navigate on IRS.gov to get to draft tax forms? I'm attending a meeting of NY & CT tax preparers Wednesday and want to draw their attention to some of these changes. I tried searching the site myself, and couldn't find the 2011 drafts so came back here to click on your link.

http://www.irs.gov/app/picklist/list/draftTaxForms.html

[Lion]

Navigate

I was hoping for something I could remember and pronounce after a vodka & tonic with dinner! httpcolonbackslashbackslashwwwdotirsdotgovbackslas happbackslashpicklistbackslashlistbackslashdraftta xformsdothtml will tie my tongue more than something like go to irs.gov and click on forms then draft then scroll down to... which doesn't work, so that's why I asked for a point and click version of the link.

[Kram BergGold]

Schedule C

My source tells me there might be 3 entry lines for income on the Schedule C.
1099 income
credit card income
other.
If anyone sees the draft version of Schedule C please create a new post about it.

[Gary2]

FE, if I don't have your very helpful link on the tip of my tongue, how do I tell someone to navigate on IRS.gov to get to draft tax forms? I'm attending a meeting of NY & CT tax preparers Wednesday and want to draw their attention to some of these changes. I tried searching the site myself, and couldn't find the 2011 drafts so came back here to click on your link.

I'm afraid I'm too late to meet your need, but for future reference (until they change it):

On the IRS web site, search for "draft tax forms picklist" (including the quotes). In the results of the search, click on "Topics for Tax Professionals". A bit more than halfway down that page will be the link to the draft tax forms.

[JohnH]

I tried Tiny URL but for some reason I couldn't get it to work. And even if it had, I'm not sure even that result would have been "vodka-and-tonic" friendly.

[Lion]

Thank You

I posted the line, and also the written instructions on the NY/CT-ATP bulletin board. But, thanks to FE, I had copies of the drafts he mentioned at last night's meeting to show.

[Jiggers]

My source tells me there might be 3 entry lines for income on the Schedule C.
1099 income
credit card income
other.
If anyone sees the draft version of Schedule C please create a new post about it.

Look at Schedule F. There are changes requiring more detail for income. I assume for 1099 matching.

Also look at gross receipts on the 1065, 1120, and 1120S.

So it makes sense that the Schedule C will have more lines for the gross income.

[FEDUKE404]

Sch C request

My source tells me there might be 3 entry lines for income on the Schedule C.
1099 income
credit card income
other.
If anyone sees the draft version of Schedule C please create a new post about it.

Link to 2011 Schedule C (draft)

http://www.irs.gov/pub/irs-dft/f1040sc--dft.pdf

Link to 2011 Schedule C instructions (draft)

http://www.irs.gov/pub/irs-dft/i1040sc--dft.pdf

See page C-4 for answers to your question.

FE

[Jiggers]

Also look at the questions regarding issuing 1099's on the C, E, and F.