Revised schedule K-1 for Form 1041 for trusts and estates.In IR- ir- 1 pref. Variant of in-1. ir- 2 pref. Variant of in-2. 2006-11, the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. announced the availability of a revised Form 1041 Schedule K-1, Beneficiary's Share of Income, Deductions, Credits, etc., for trusts and estates, for this year's filing season. Income, deductions and credits from trusts and estates are reported to beneficiaries on Schedule K-1. The redesigned schedule is similar to partnership and S corporation Schedules K-l, which were changed last year. The new format features an improved layout similar to that of Form W-2, as well as streamlined instructions. It is also scannable, reducing the risk of transcription errors A transcription error is a specific type of data entry error that is commonly made by human operators or by optical character recognition programs (OCR). Human transcription errors are commonly the result of typographical mistakes, putting fingers in the wrong place during touch . The IRS says that approximately 26 million Schedules K-1 are filed each year, with 3.5 million being filed by estates and trusts. The new Schedule K-1 has been simplified to reduce common errors and the burden associated with preparation and filing requirements. The schedule is available at www.irs.gav/pub/irs-pdf/f1041sk1.pdf. Printed copies are also available by calling the IRS at 1-800-829-3676. Eileen Sherr, CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , MT, A/CPA Technical Manager--Taxation, Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , DC |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion