Stock Basis Recorded By Brokers- Brokers who are otherwise required to file a Form 1099-B to report gross proceeds from the sale of stocks, bonds or other securities must also include the following on the Form 1099-B for securities acquired after 2010: [IRC §6045(g)]
- The customer's adjusted basis in the security.
- Whether gain or loss with respect to the security is long- or short-term.
Time To Pay on Your 2010 Roth Conversion- Individuals who converted or rolled over an amount to a Roth
IRA in 2010 and did not report the taxable amount on their 2010 return must report that income on their 2011 and 2012 returns. You report the taxable amounts on 15b (for conversions from IRAs) or 16b (for rollovers from qualified retirement plans, other than from a designated Roth account).
No Extra Money For Working- The Making Work Pay (Schedule M) Credit has been eliminated.
The IRS Wants To Know About Your Charge Card Sales- Beginning in 2011, form 1099-K will be issued to business and individuals who have more than 200 transactions and $20,000 USD paid to them. This can be a new effective way that the IRS can track EBay Sales.