What happen to form 8453?

[AZ-Tax]

It use to have a box "Schedule D-1 Continuation etc." now that box no longer exist. I use to mail in summary of the Short & Long term gains and/or losses along with form 8453. Do we now check "8949 sales etc" the last line on form 8453? So do I mail in both form 8453 and 8949 along with summary?

Looks to me like last box on 8453 needs to be checked and mailed again with the summary and form 8949 is to be e-filed.

[AJsTax]

8453

Form 8453 only changed the wording of the line. The new form 8949 collects the information in detail to show on sch D as line items. You send the detail of the trades with the 8453 and only enter summary lines on the 8949 broken down as 6 different types of sales. Short term covered, short term not covered, long term covered and long term not covered, and short term not reported on 1099-B and long term not reported on 1099-B. You must summarize each type that you are sending with the 8453.
Covered means covered by the new law. covered will be reported on the 1099-B with basis reported. Not covered will have the sale reported on the 1099-B, basis not reported to the IRS.
Just because the basis is on the 1099-B that was sent to the client does NOT mean the basis was reported to the IRS. Read the form carefully. Some are using the terms provided and not provided in place of covered and not covered.

[Burke]

And it looks like it goes to an address in Austin TX no matter where TP lives? Took me forever to find that. You won't find it in the instructions for Sche D & 8949. It just says "mail to the IRS."

[bgiez]

page 2

Instructions from page 2 of 8453 say:
"When and Where To File
If you are an ERO, you must mail Form
8453 to the IRS within 3 business days
after receiving acknowledgement that
the IRS has accepted the electronically
filed tax return.
If you are filing your tax return using an
online provider, mail Form 8453 to the
IRS within 3 business days after you
have received acknowledgement from
your intermediate service provider and/
or transmitter that the IRS has accepted
your electronically filed tax return. If you
do not receive an acknowledgement,
you must contact your intermediate
service provider and/or transmitter.
Mail Form 8453 to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254"

[Burke]

Yes, I knew I found it somewhere eventually. That's it. I bet they are havin' fun. Three more going out on Monday.

[DMICPA]

8453 form

I have only used that form once.

Normally I just enter in all the stock sales.

I know this is a lot of time but I get paid for it and the clients like just e-filing without any other paperwork trailing along someplace.

In many situations, the brokers statement is lacking something to make the presentation clear so rather than mark up the statement, cross out things, add calls etc., I would rather just input the data and tie it back to the gross proceed and cost amounts.

[AZ-Tax]

Low tax prep fees sometimes lure more referrals

I have only used that form once. Normally I just enter in all the stock sales. I know this is a lot of time but I get paid for it and the clients like just e-filing without any other paperwork trailing along someplace. In many situations, the brokers statement is lacking something to make the presentation clear so rather than mark up the statement, cross out things, add calls etc., I would rather just input the data and tie it back to the gross proceed and cost amounts.

I rarely come across a brokerage statement that does not display cost basis, transactions dates, acquired dates etc. but there is always gainskeeper.

I just obtained a client from my chruch for which I give a special discount to my fellow chruch members. Almost the identical tax return from 2010 but the local CPA charged this lady $400 tax prep fee while I charge her $140 w/discount. The majority of the CPA fees was entering the trades while I listed a summary of the ST & LT gains or losses on Sch D (2 lines) and mailed in form 8453 with the brokerage statement. I admit my fee is low but I may pick the kids tax returns as well. I will raise my fees next year when the law goes into affect that all Tax Preparers have a license.

[Burke]

They couldn't pay me enough to do all that keying. And I don't have the time anyway.