Committee news: IRS Adopts Cot's Idea.
This question, prepared by committee member Stuart R. Josephs, CPA, asked if the IRS could avoid these problems by appropriately revising its 2008 instructions. The IRS responded as follows:
* The 2008 Schedule C has been revised to add a bullet to Line I of the Form with new language referring to a checkbox: "check the box if: You are a member of a qualified joint venture reporting only rental real estate income not subject to self-employment tax. See also page C-4 for limit on losses." The 2008 Schedule E instructions have also been changed to state the following (Page E-3, third column): "Note. Rental income reported on Schedule E is not taxable for self-employment tax purposes. Electing qualified joint venture status and using the Schedule C or C-EZ does not alter the application of the selfemployment tax or the passive loss limitation rules. Service Centers and Submission Processing Centers are being informed of this change in addressing and processing Schedule Cs without related Schedule SEs.
132 billion: Euros Italy (80), France (20) and Germany (32) have spent on their own bailout plans.
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|Date:||Mar 1, 2009|
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