2011 Schedule C draft

[Kram BergGold]

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.

[superman]

Link

Do you have a link to view this form?

Thanks,
Superman

[Jiggers]

Here is the IRS site:

http://www.irs.gov/app/picklist/list/draftTaxForms.html?sortColumn=sortOrder&indexOfFirstRow=0&value=&criteria=&resultsPerPage=25&isDescending=false

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.

[Redneck]

Another link

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

[FEDUKE404]

Sch C info

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)

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

[Questionguy101]

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?

[Lion]

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.

[S T]

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

[Jiggers]

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.