Form 1040 (Schedule C)

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Form 1040 (Schedule C)

A form that one attaches to Form 1040 to report the profit or loss from one's business. An individual files Schedule C if he/she is self-employed in a sole proprietorship or is the only member of a limited liability company. The filer lists all revenues and business expenses on Schedule C. He/she may only be taxed on the profit.
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Service Centers and Submission Processing Centers are being informed of this change in addressing and processing Schedule Cs without related Schedule SEs.
As part of the annual liaison process between the IRS and the CalCPA Committee on Taxation, a question was submitted to the IRS pointing out self-employment tax problems that could arise because the 2007 instructions required each spouse electing qualified joint venture treatment for a rental real estate business to file a separate Schedule C (instead of Schedule E) even though that business' net income is not subject to the self-employment tax.
Schedule Cs, which are used by sole proprietors are often targeted.
She enters canceled checks for Schedule Cs or Es on QuickBooks and puts them in an envelope to send back to the client.
We request copies of clients' checks or bank statements showing the cleared check; detailed explanations on the returns for unusual items (using the tax software comments box); verification of IRA and pension rollovers; a comparison of previous and current 1099s (and an explanation from the client if there is no new one for the year); reconciliation of the gross income on a schedule C with the 1099s; verification the gross security sales figure entered on the tax return is equal to the amounts on brokerage firm 1099s; and answers to every question on the return.
However, there has been an unusual increase in the number of Schedule Cs being filed.
There are stacks of 1040 forms and Schedule Cs and Schedule Ds.
At least one software package allows tax accountants to select a "joint" Schedule C to produce two Self-Employment tax schedules.