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Free assistance is also provided for schedules C-EZ and small Schedule Ds (three items or less).
The fraudulent tax returns that were filed as part of the scheme included Schedules C or C-EZ that falsely claimed that each taxpayer operated a business, such as barber or childcare, as a sole proprietorship.
For Tax Year 2012, taxpayers could use Schedule C-EZ if they: had business expenses of $5,000 or less; used the cash accounting method; had no inventories; did not report a loss from the business; had only one business as a sole proprietor; had no employees; were not required to file Form 4562, Depreciation and Amortization, for the business; claimed no deduction for home business expenses; and had no prior-year disallowed passive activity losses from the business.
Another successful recommendation was to increase the filing threshold for Schedule C-EZ.
You will need to include the canceled debt as income on IBS Form 1040, line 21 for non-business debt, Schedule C or C-EZ for business debt, or Schedule F as an attachment to Form 1040 for farm debt.
Form 1040 with Schedule A, B, C-EZ, D, Earned Income Credit, R and SE
If the embezzled funds are from self-employment activity, schedule C or schedule C-EZ should be used and the amount is subject to self-employment taxes.
Additional forms that will be eligible for 1993 are Forms 1116, 4970, 4972, 8396, 8615, 8814, 8815 and 8828, and Schedule C-EZ.
By 1992, IRS has added an instruction on the face of the Schedule E to "Report income and expenses from the rental of personal property on Schedule C or C-EZ.
Sole proprietors can save time by completing a Schedule C-EZ, the short version of the Schedule C, which is the form sole proprietors need to complete when filing their tax forms.
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.
An additional 400,000 small business owners can file schedule C-EZ, a simplified form, to report their profits, because the IRS removed the $25,000 gross receipts limitation and increased the business expenses limit to $2,500.