IRS Update: New Version of IRS Smartphone App and IRS Tax Help in Spanish

The IRS has recently made available the new expanded version of their smartphone application (IRS2GO 2.0).

It is available for use with Apple and Android smartphones and includes the following new features:

• IRS YouTube videos
• IRS News, which gives you the latest news from the IRS on new programs, legislative updates and relevant tools
• The ability to request your tax return or account transcript from the IRS using your smartphone

Learn more about the new IRS2GO 2.0 app.

IRS Tax Help in Spanish

The IRS offers a wide range of tax information in Spanish on their website, such as:

• IRS Spanish Newsroom
• Spanish version of “Where’s My Refund?”
• IRS forms and publications in Spanish
• Links to IRS YouTube videos in Spanish

Click here to read the entire CrossLink Tax Update which includes more information on the new IRS2GO 2.0 app and IRS tax help in Spanish.

IRS Update: Reporting Stock Sales on Form 8949

Below is a reminder of what additional information you may need to enter on new Form 8949 for stock sales and what to do with the Form 1099-Ks that your self-employed taxpayers may receive:

Reporting Stock Sales on New Form 8949

Remember that beginning with 2011 returns, all capital transactions that were reported directly on Schedule D in the past will now be reported on new Form 8949 (Sales and Other Dispositions of Other Assets).

As you enter sales on Form 8949 you will notice the following new fields that may require an entry:

• Transaction type checkbox (Box ABC)
• Code field (column b)
• Adjustment to gain/loss field (column g)

Learn more about reporting stock sales on Form 8949.

Form 1099-K and Schedule C, E, and F

Remember that the IRS has deferred the requirement that income reported on new Form 1099-K must be reported on a separate line of Schedule C, E, and F.

The requirement that the Form 1099-K be issued by merchant card providers and e-commerce providers (such as PayPal) is not affected, so taxpayers that receive income from credit cards, debit cards, or third party e-commerce providers will still have a Form 1099-K mailed to them. Learn more

Click here to read the entire CrossLink Tax Update which includes more information on reporting stock sales and how to report income received from credit/debit cards.

IRS Update: Reminders for Schedule E Rentals

Below are reminders regarding a change on Schedule E as well as how the 2008 First Time Homebuyer Credit was allocated between the taxpayer and spouse and how that affects the use of the IRS Lookup Tool.

Schedule E – New Line 2 for Rental Property

In the past, Schedule E only asked a question regarding possible personal use for each rental activity reported on Schedule E.

Beginning with the 2011 Schedule E, the IRS now requires that the total number of days that each activity was used as rental (Fair Rental Days) and for personal use (if any) be entered for each rental property included on Schedule E. Learn more

IRS Lookup Tool for Repayment of 2008 First Time Homebuyer Credit

When looking up account information for married couples, remember that the IRS has split the credit between the taxpayer and spouse for a credit claimed in 2008 on a joint return. The taxpayer is apportioned one-half the credit and the spouse is allocated one-half the credit.

Therefore, the IRS has created a separate account for the taxpayer and spouse on the IRS system. Learn more

Click here to read the entire CrossLink Tax Update which includes more information on Schedule E Rentals and the IRS First Time Homebuyer Credit Repayment Lookup Tool.

Pre-Season Readiness: February Tasks to Complete

With the 2012 Tax Season in progress, your CrossLink Team wants to make sure you remain prepared.

Click here for a checklist of tasks that should be completed in February to ensure your readiness during the tax season.

To view this document and other resources in Spanish, visit the CrossLink Customer Resources page.

For other industry resources, such as the latest IRS information, training opportunities, or helpful documentation, visit http://www.crosslinktax.com/.

IRS Update: 2012 IRS Fact Sheets

The IRS Fact Sheets page on the IRS website provides information that you should be aware of and view periodically throughout the filing season. This information covers topics that the IRS is emphasizing for the given tax season.

Currently, the IRS Fact Sheets cover the following topics:

• A guide for taxpayers that have been a victim of identity theft.
• How a taxpayer can protect themself from becoming a victim of identity theft.
• When a taxpayer can expect their refund to be released by the IRS and factors that could affect the release of the refund by the IRS.

Click here to read the entire CrossLink Tax Update which includes more information on topics currently covered on the IRS Fact Sheets page as well as a link to the Fact Sheets page.