IRS clarifies Sched D instructions; revises Sched K-1.
The IRS has clarified its instructions for reporting capital gains
and other investments on Form 1040, Schedule D, in response to concerns
from practitioners.
In December, CalCPA sent a comment letter to the IRS expressing
concern over the previously published detailed capital gains reporting
requirements.
Additionally, the IRS has revised Form 1041, Schedule K-1 for this
year's filing season. Visit
www.irs.gov/newsroom/article/0,,id=152960,00.html.
For more, visit www.irs.gov/formspubs/article/0,,id=109875,00.html.
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