S Corporations: Duluth/Gwinnett CPA on New Things with S Corporations
Merchant Card and Third Party Payments
The IRS has recently canceled the requirement to file the merchant card and the third party networks of a corporation on that corporation’s return. Under this new method, you should report sales from business operations and gross receipts as the instructions say to do so in line 1a and line 1d.
Cost of Goods Sold
The IRS has gotten rid of Schedule A (The Cost of Goods Sold) from their 1120S form. The new place to configure and file cost of goods is on 1125-A, newly named, Cost of Goods Sold.
Matters of Changes in Address
The IRS has created a new form, Form 8822—Business, for businesses to use when there is a change of address. The instructions to fill out this form can be found in Item H.
The IRS has included new questions labeled 10a and 10b in relation to Form 1099.
Food Inventory Contributions
Food contributions made after December 31st, 2011 are considered expired and will not be counted for deduction. More information on food contribution deductions and related issues can be found in Section 170.
The IRS has recently generated a new page where people can learn about forms and instructions and about upcoming future developments. www.irs.gov/form1120s All tax bulletins will be released on this page.
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