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Irs Form 1040ez 2012

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Irs Form 1040ez 2012

Irs form 1040ez 2012 Publication 538 - Main Content Table of Contents Accounting PeriodsCalendar Year Fiscal Year Short Tax Year Improper Tax Year Change in Tax Year Individuals Partnerships, S Corporations, and Personal Service Corporations (PSCs) Corporations (Other Than S Corporations and PSCs) Accounting MethodsSpecial methods. Irs form 1040ez 2012 Hybrid method. Irs form 1040ez 2012 Cash Method Accrual Method Inventories Change in Accounting Method How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Irs form 1040ez 2012 Accounting Periods You must use a tax year to figure your taxable income. Irs form 1040ez 2012 A tax year is an annual accounting period for keeping records and reporting income and expenses. Irs form 1040ez 2012 An annual accounting period does not include a short tax year (discussed later). Irs form 1040ez 2012 You can use the following tax years: A calendar year; or A fiscal year (including a 52-53-week tax year). Irs form 1040ez 2012 Unless you have a required tax year, you adopt a tax year by filing your first income tax return using that tax year. Irs form 1040ez 2012 A required tax year is a tax year required under the Internal Revenue Code or the Income Tax Regulations. Irs form 1040ez 2012 You cannot adopt a tax year by merely: Filing an application for an extension of time to file an income tax return; Filing an application for an employer identification number (Form SS-4); or Paying estimated taxes. Irs form 1040ez 2012 This section discusses: A calendar year. Irs form 1040ez 2012 A fiscal year (including a period of 52 or 53 weeks). Irs form 1040ez 2012 A short tax year. Irs form 1040ez 2012 An improper tax year. Irs form 1040ez 2012 A change in tax year. Irs form 1040ez 2012 Special situations that apply to individuals. Irs form 1040ez 2012 Restrictions that apply to the accounting period of a partnership, S corporation, or personal service corporation. Irs form 1040ez 2012 Special situations that apply to corporations. Irs form 1040ez 2012 Calendar Year A calendar year is 12 consecutive months beginning on January 1st and ending on December 31st. Irs form 1040ez 2012 If you adopt the calendar year, you must maintain your books and records and report your income and expenses from January 1st through December 31st of each year. Irs form 1040ez 2012 If you file your first tax return using the calendar tax year and you later begin business as a sole proprietor, become a partner in a partnership, or become a shareholder in an S corporation, you must continue to use the calendar year unless you obtain approval from the IRS to change it, or are otherwise allowed to change it without IRS approval. Irs form 1040ez 2012 See Change in Tax Year, later. Irs form 1040ez 2012 Generally, anyone can adopt the calendar year. Irs form 1040ez 2012 However, you must adopt the calendar year if: You keep no books or records; You have no annual accounting period; Your present tax year does not qualify as a fiscal year; or You are required to use a calendar year by a provision in the Internal Revenue Code or the Income Tax Regulations. Irs form 1040ez 2012 Fiscal Year A fiscal year is 12 consecutive months ending on the last day of any month except December 31st. Irs form 1040ez 2012 If you are allowed to adopt a fiscal year, you must consistently maintain your books and records and report your income and expenses using the time period adopted. Irs form 1040ez 2012 52-53-Week Tax Year You can elect to use a 52-53-week tax year if you keep your books and records and report your income and expenses on that basis. Irs form 1040ez 2012 If you make this election, your 52-53-week tax year must always end on the same day of the week. Irs form 1040ez 2012 Your 52-53-week tax year must always end on: Whatever date this same day of the week last occurs in a calendar month, or Whatever date this same day of the week falls that is nearest to the last day of the calendar month. Irs form 1040ez 2012 For example, if you elect a tax year that always ends on the last Monday in March, your 2012 tax year will end on March 25, 2013. Irs form 1040ez 2012 Election. Irs form 1040ez 2012   To make the election for the 52-53-week tax year, attach a statement with the following information to your tax return. Irs form 1040ez 2012 The month in which the new 52-53-week tax year ends. Irs form 1040ez 2012 The day of the week on which the tax year always ends. Irs form 1040ez 2012 The date the tax year ends. Irs form 1040ez 2012 It can be either of the following dates on which the chosen day: Last occurs in the month in (1), above, or Occurs nearest to the last day of the month in (1), above. Irs form 1040ez 2012   When you figure depreciation or amortization, a 52-53-week tax year is generally considered a year of 12 calendar months. Irs form 1040ez 2012   To determine an effective date (or apply provisions of any law) expressed in terms of tax years beginning, including, or ending on the first or last day of a specified calendar month, a 52-53-week tax year is considered to: Begin on the first day of the calendar month beginning nearest to the first day of the 52-53-week tax year, and End on the last day of the calendar month ending nearest to the last day of the 52-53-week tax year. Irs form 1040ez 2012 Example. Irs form 1040ez 2012 Assume a tax provision applies to tax years beginning on or after July 1, 2012, which happens to be a Sunday. Irs form 1040ez 2012 For this purpose, a 52-53-week tax year that begins on the last Tuesday of June, which falls on June 26, 2012, is treated as beginning on July 1, 2012. Irs form 1040ez 2012 Short Tax Year A short tax year is a tax year of less than 12 months. Irs form 1040ez 2012 A short period tax return may be required when you (as a taxable entity): Are not in existence for an entire tax year, or Change your accounting period. Irs form 1040ez 2012 Tax on a short period tax return is figured differently for each situation. Irs form 1040ez 2012 Not in Existence Entire Year Even if a taxable entity was not in existence for the entire year, a tax return is required for the time it was in existence. Irs form 1040ez 2012 Requirements for filing the return and figuring the tax are generally the same as the requirements for a return for a full tax year (12 months) ending on the last day of the short tax year. Irs form 1040ez 2012 Example 1. Irs form 1040ez 2012 XYZ Corporation was organized on July 1, 2012. Irs form 1040ez 2012 It elected the calendar year as its tax year. Irs form 1040ez 2012 Therefore, its first tax return was due March 15, 2013. Irs form 1040ez 2012 This short period return will cover the period from July 1, 2012, through December 31, 2012. Irs form 1040ez 2012 Example 2. Irs form 1040ez 2012 A calendar year corporation dissolved on July 23, 2012. Irs form 1040ez 2012 Its final return is due by October 15, 2012. Irs form 1040ez 2012 It will cover the short period from January 1, 2012, through July 23, 2012. Irs form 1040ez 2012 Death of individual. Irs form 1040ez 2012   When an individual dies, a tax return must be filed for the decedent by the 15th day of the 4th month after the close of the individual's regular tax year. Irs form 1040ez 2012 The decedent's final return will be a short period tax return that begins on January 1st, and ends on the date of death. Irs form 1040ez 2012 In the case of a decedent who dies on December 31st, the last day of the regular tax year, a full calendar-year tax return is required. Irs form 1040ez 2012 Example. Irs form 1040ez 2012   Agnes Green was a single, calendar year taxpayer. Irs form 1040ez 2012 She died on March 6, 2012. Irs form 1040ez 2012 Her final income tax return must be filed by April 15, 2013. Irs form 1040ez 2012 It will cover the short period from January 1, 2012, to March 6, 2012. Irs form 1040ez 2012 Figuring Tax for Short Year If the IRS approves a change in your tax year or you are required to change your tax year, you must figure the tax and file your return for the short tax period. Irs form 1040ez 2012 The short tax period begins on the first day after the close of your old tax year and ends on the day before the first day of your new tax year. Irs form 1040ez 2012 Figure tax for a short year under the general rule, explained below. Irs form 1040ez 2012 You may then be able to use a relief procedure, explained later, and claim a refund of part of the tax you paid. Irs form 1040ez 2012 General rule. Irs form 1040ez 2012   Income tax for a short tax year must be annualized. Irs form 1040ez 2012 However, self-employment tax is figured on the actual self-employment income for the short period. Irs form 1040ez 2012 Individuals. Irs form 1040ez 2012   An individual must figure income tax for the short tax year as follows. Irs form 1040ez 2012 Determine your adjusted gross income (AGI) for the short tax year and then subtract your actual itemized deductions for the short tax year. Irs form 1040ez 2012 You must itemize deductions when you file a short period tax return. Irs form 1040ez 2012 Multiply the dollar amount of your exemptions by the number of months in the short tax year and divide the result by 12. Irs form 1040ez 2012 Subtract the amount in (2) from the amount in (1). Irs form 1040ez 2012 The result is your modified taxable income. Irs form 1040ez 2012 Multiply the modified taxable income in (3) by 12, then divide the result by the number of months in the short tax year. Irs form 1040ez 2012 The result is your annualized income. Irs form 1040ez 2012 Figure the total tax on your annualized income using the appropriate tax rate schedule. Irs form 1040ez 2012 Multiply the total tax by the number of months in the short tax year and divide the result by 12. Irs form 1040ez 2012 The result is your tax for the short tax year. Irs form 1040ez 2012 Relief procedure. Irs form 1040ez 2012   Individuals and corporations can use a relief procedure to figure the tax for the short tax year. Irs form 1040ez 2012 It may result in less tax. Irs form 1040ez 2012 Under this procedure, the tax is figured by two separate methods. Irs form 1040ez 2012 If the tax figured under both methods is less than the tax figured under the general rule, you can file a claim for a refund of part of the tax you paid. Irs form 1040ez 2012 For more information, see section 443(b)(2) of the Internal Revenue Code. Irs form 1040ez 2012 Alternative minimum tax. Irs form 1040ez 2012   To figure the alternative minimum tax (AMT) due for a short tax year: Figure the annualized alternative minimum taxable income (AMTI) for the short tax period by completing the following steps. Irs form 1040ez 2012 Multiply the AMTI by 12. Irs form 1040ez 2012 Divide the result by the number of months in the short tax year. Irs form 1040ez 2012 Multiply the annualized AMTI by the appropriate rate of tax under section 55(b)(1) of the Internal Revenue Code. Irs form 1040ez 2012 The result is the annualized AMT. Irs form 1040ez 2012 Multiply the annualized AMT by the number of months in the short tax year and divide the result by 12. Irs form 1040ez 2012   For information on the AMT for individuals, see the Instructions for Form 6251, Alternative Minimum Tax–Individuals. Irs form 1040ez 2012 For information on the AMT for corporations, see the Instructions to Form 4626, Alternative Minimum Tax–Corporations. Irs form 1040ez 2012 Tax withheld from wages. Irs form 1040ez 2012   You can claim a credit against your income tax liability for federal income tax withheld from your wages. Irs form 1040ez 2012 Federal income tax is withheld on a calendar year basis. Irs form 1040ez 2012 The amount withheld in any calendar year is allowed as a credit for the tax year beginning in the calendar year. Irs form 1040ez 2012 Improper Tax Year Taxpayers that have adopted an improper tax year must change to a proper tax year. Irs form 1040ez 2012 For example, if a taxpayer began business on March 15 and adopted a tax year ending on March 14 (a period of exactly 12 months), this would be an improper tax year. Irs form 1040ez 2012 See Accounting Periods, earlier, for a description of permissible tax years. Irs form 1040ez 2012 To change to a proper tax year, you must do one of the following. Irs form 1040ez 2012 If you are requesting a change to a calendar tax year, file an amended income tax return based on a calendar tax year that corrects the most recently filed tax return that was filed on the basis of an improper tax year. Irs form 1040ez 2012 Attach a completed Form 1128 to the amended tax return. Irs form 1040ez 2012 Write “FILED UNDER REV. Irs form 1040ez 2012 PROC. Irs form 1040ez 2012 85-15” at the top of Form 1128 and file the forms with the Internal Revenue Service Center where you filed your original return. Irs form 1040ez 2012 If you are requesting a change to a fiscal tax year, file Form 1128 in accordance with the form instructions to request IRS approval for the change. Irs form 1040ez 2012 Change in Tax Year Generally, you must file Form 1128 to request IRS approval to change your tax year. Irs form 1040ez 2012 See the Instructions for Form 1128 for exceptions. Irs form 1040ez 2012 If you qualify for an automatic approval request, a user fee is not required. Irs form 1040ez 2012 Individuals Generally, individuals must adopt the calendar year as their tax year. Irs form 1040ez 2012 An individual can adopt a fiscal year provided that the individual maintains his or her books and records on the basis of the adopted fiscal year. Irs form 1040ez 2012 Partnerships, S Corporations, and Personal Service Corporations (PSCs) Generally, partnerships, S corporations (including electing S corporations), and PSCs must use a required tax year. Irs form 1040ez 2012 A required tax year is a tax year that is required under the Internal Revenue Code and Income Tax Regulations. Irs form 1040ez 2012 The entity does not have to use the required tax year if it receives IRS approval to use another permitted tax year or makes an election under section 444 of the Internal Revenue Code (discussed later). Irs form 1040ez 2012 The following discussions provide the rules for partnerships, S corporations, and PSCs. Irs form 1040ez 2012 Partnership A partnership must conform its tax year to its partners' tax years unless any of the following apply. Irs form 1040ez 2012 The partnership makes an election under section 444 of the Internal Revenue Code to have a tax year other than a required tax year by filing Form 8716. Irs form 1040ez 2012 The partnership elects to use a 52-53-week tax year that ends with reference to either its required tax year or a tax year elected under section 444. Irs form 1040ez 2012 The partnership can establish a business purpose for a different tax year. Irs form 1040ez 2012 The rules for the required tax year for partnerships are as follows. Irs form 1040ez 2012 If one or more partners having the same tax year own a majority interest (more than 50%) in partnership profits and capital, the partnership must use the tax year of those partners. Irs form 1040ez 2012 If there is no majority interest tax year, the partnership must use the tax year of all its principal partners. Irs form 1040ez 2012 A principal partner is one who has a 5% or more interest in the profits or capital of the partnership. Irs form 1040ez 2012 If there is no majority interest tax year and the principal partners do not have the same tax year, the partnership generally must use a tax year that results in the least aggregate deferral of income to the partners. Irs form 1040ez 2012 If a partnership changes to a required tax year because of these rules, it can get automatic approval by filing Form 1128. Irs form 1040ez 2012 Least aggregate deferral of income. Irs form 1040ez 2012   The tax year that results in the least aggregate deferral of income is determined as follows. Irs form 1040ez 2012 Figure the number of months of deferral for each partner using one partner's tax year. Irs form 1040ez 2012 Find the months of deferral by counting the months from the end of that tax year forward to the end of each other partner's tax year. Irs form 1040ez 2012 Multiply each partner's months of deferral figured in step (1) by that partner's share of interest in the partnership profits for the year used in step (1). Irs form 1040ez 2012 Add the amounts in step (2) to get the aggregate (total) deferral for the tax year used in step (1). Irs form 1040ez 2012 Repeat steps (1) through (3) for each partner's tax year that is different from the other partners' years. Irs form 1040ez 2012   The partner's tax year that results in the lowest aggregate (total) number is the tax year that must be used by the partnership. Irs form 1040ez 2012 If the calculation results in more than one tax year qualifying as the tax year with the least aggregate deferral, the partnership can choose any one of those tax years as its tax year. Irs form 1040ez 2012 However, if one of the tax years that qualifies is the partnership's existing tax year, the partnership must retain that tax year. Irs form 1040ez 2012 Example. Irs form 1040ez 2012 A and B each have a 50% interest in partnership P, which uses a fiscal year ending June 30. Irs form 1040ez 2012 A uses the calendar year and B uses a fiscal year ending November 30. Irs form 1040ez 2012 P must change its tax year to a fiscal year ending November 30 because this results in the least aggregate deferral of income to the partners, as shown in the following table. Irs form 1040ez 2012 Year End 12/31: Year End Profits Interest Months of Deferral Interest × Deferral A 12/31 0. Irs form 1040ez 2012 5 -0- -0- B 11/30 0. Irs form 1040ez 2012 5 11 5. Irs form 1040ez 2012 5 Total Deferral 5. Irs form 1040ez 2012 5 Year End 11/30: Year End Profits Interest Months of Deferral Interest × Deferral A 12/31 0. Irs form 1040ez 2012 5 1 0. Irs form 1040ez 2012 5 B 11/30 0. Irs form 1040ez 2012 5 -0- -0- Total Deferral 0. Irs form 1040ez 2012 5 When determination is made. Irs form 1040ez 2012   The determination of the tax year under the least aggregate deferral rules must generally be made at the beginning of the partnership's current tax year. Irs form 1040ez 2012 However, the IRS can require the partnership to use another day or period that will more accurately reflect the ownership of the partnership. Irs form 1040ez 2012 This could occur, for example, if a partnership interest was transferred for the purpose of qualifying for a particular tax year. Irs form 1040ez 2012 Short period return. Irs form 1040ez 2012   When a partnership changes its tax year, a short period return must be filed. Irs form 1040ez 2012 The short period return covers the months between the end of the partnership's prior tax year and the beginning of its new tax year. Irs form 1040ez 2012   If a partnership changes to the tax year resulting in the least aggregate deferral, it must file a Form 1128 with the short period return showing the computations used to determine that tax year. Irs form 1040ez 2012 The short period return must indicate at the top of page 1, “FILED UNDER SECTION 1. Irs form 1040ez 2012 706-1. Irs form 1040ez 2012 ” More information. Irs form 1040ez 2012   For more information about changing a partnership's tax year, and information about ruling requests, see the Instructions for Form 1128. Irs form 1040ez 2012 S Corporation All S corporations, regardless of when they became an S corporation, must use a permitted tax year. Irs form 1040ez 2012 A permitted tax year is any of the following. Irs form 1040ez 2012 The calendar year. Irs form 1040ez 2012 A tax year elected under section 444 of the Internal Revenue Code. Irs form 1040ez 2012 See Section 444 Election, below for details. Irs form 1040ez 2012 A 52-53-week tax year ending with reference to the calendar year or a tax year elected under section 444. Irs form 1040ez 2012 Any other tax year for which the corporation establishes a business purpose. Irs form 1040ez 2012 If an electing S corporation wishes to adopt a tax year other than a calendar year, it must request IRS approval using Form 2553, instead of filing Form 1128. Irs form 1040ez 2012 For information about changing an S corporation's tax year and information about ruling requests, see the Instructions for Form 1128. Irs form 1040ez 2012 Personal Service Corporation (PSC) A PSC must use a calendar tax year unless any of the following apply. Irs form 1040ez 2012 The corporation makes an election under section 444 of the Internal Revenue Code. Irs form 1040ez 2012 See Section 444 Election, below for details. Irs form 1040ez 2012 The corporation elects to use a 52-53-week tax year ending with reference to the calendar year or a tax year elected under section 444. Irs form 1040ez 2012 The corporation establishes a business purpose for a fiscal year. Irs form 1040ez 2012 See the Instructions for Form 1120 for general information about PSCs. Irs form 1040ez 2012 For information on adopting or changing tax years for PSCs and information about ruling requests, see the Instructions for Form 1128. Irs form 1040ez 2012 Section 444 Election A partnership, S corporation, electing S corporation, or PSC can elect under section 444 of the Internal Revenue Code to use a tax year other than its required tax year. Irs form 1040ez 2012 Certain restrictions apply to the election. Irs form 1040ez 2012 A partnership or an S corporation that makes a section 444 election must make certain required payments and a PSC must make certain distributions (discussed later). Irs form 1040ez 2012 The section 444 election does not apply to any partnership, S corporation, or PSC that establishes a business purpose for a different period, explained later. Irs form 1040ez 2012 A partnership, S corporation, or PSC can make a section 444 election if it meets all the following requirements. Irs form 1040ez 2012 It is not a member of a tiered structure (defined in section 1. Irs form 1040ez 2012 444-2T of the regulations). Irs form 1040ez 2012 It has not previously had a section 444 election in effect. Irs form 1040ez 2012 It elects a year that meets the deferral period requirement. Irs form 1040ez 2012 Deferral period. Irs form 1040ez 2012   The determination of the deferral period depends on whether the partnership, S corporation, or PSC is retaining its tax year or adopting or changing its tax year with a section 444 election. Irs form 1040ez 2012 Retaining tax year. Irs form 1040ez 2012   Generally, a partnership, S corporation, or PSC can make a section 444 election to retain its tax year only if the deferral period of the new tax year is 3 months or less. Irs form 1040ez 2012 This deferral period is the number of months between the beginning of the retained year and the close of the first required tax year. Irs form 1040ez 2012 Adopting or changing tax year. Irs form 1040ez 2012   If the partnership, S corporation, or PSC is adopting or changing to a tax year other than its required year, the deferral period is the number of months from the end of the new tax year to the end of the required tax year. Irs form 1040ez 2012 The IRS will allow a section 444 election only if the deferral period of the new tax year is less than the shorter of: Three months, or The deferral period of the tax year being changed. Irs form 1040ez 2012 This is the tax year immediately preceding the year for which the partnership, S corporation, or PSC wishes to make the section 444 election. Irs form 1040ez 2012 If the partnership, S corporation, or PSC's tax year is the same as its required tax year, the deferral period is zero. Irs form 1040ez 2012 Example 1. Irs form 1040ez 2012 BD Partnership uses a calendar year, which is also its required tax year. Irs form 1040ez 2012 BD cannot make a section 444 election because the deferral period is zero. Irs form 1040ez 2012 Example 2. Irs form 1040ez 2012 E, a newly formed partnership, began operations on December 1. Irs form 1040ez 2012 E is owned by calendar year partners. Irs form 1040ez 2012 E wants to make a section 444 election to adopt a September 30 tax year. Irs form 1040ez 2012 E's deferral period for the tax year beginning December 1 is 3 months, the number of months between September 30 and December 31. Irs form 1040ez 2012 Making the election. Irs form 1040ez 2012   Make a section 444 election by filing Form 8716 with the Internal Revenue Service Center where the entity will file its tax return. Irs form 1040ez 2012 Form 8716 must be filed by the earlier of: The due date (not including extensions) of the income tax return for the tax year resulting from the section 444 election, or The 15th day of the 6th month of the tax year for which the election will be effective. Irs form 1040ez 2012 For this purpose, count the month in which the tax year begins, even if it begins after the first day of that month. Irs form 1040ez 2012 Note. Irs form 1040ez 2012 If the due date falls on a Saturday, Sunday, or legal holiday, file on the next business day. Irs form 1040ez 2012   Attach a copy of Form 8716 to Form 1065, Form 1120S, or Form 1120 for the first tax year for which the election is made. Irs form 1040ez 2012 Example 1. Irs form 1040ez 2012 AB, a partnership, begins operations on September 13, 2012, and is qualified to make a section 444 election to use a September 30 tax year for its tax year beginning September 13, 2012. Irs form 1040ez 2012 AB must file Form 8716 by January 15, 2013, which is the due date of the partnership's tax return for the period from September 13, 2012, to September 30, 2012. Irs form 1040ez 2012 Example 2. Irs form 1040ez 2012 The facts are the same as in Example 1 except that AB begins operations on October 21, 2012. Irs form 1040ez 2012 AB must file Form 8716 by March 17, 2013. Irs form 1040ez 2012 Example 3. Irs form 1040ez 2012 B is a corporation that first becomes a PSC for its tax year beginning September 1, 2012. Irs form 1040ez 2012 B qualifies to make a section 444 election to use a September 30 tax year for its tax year beginning September 1, 2012. Irs form 1040ez 2012 B must file Form 8716 by December 17, 2012, the due date of the income tax return for the short period from September 1, 2012, to September 30, 2012. Irs form 1040ez 2012 Note. Irs form 1040ez 2012 The due dates in Examples 2 and 3 are adjusted because the dates fall on a Saturday, Sunday or legal holiday. Irs form 1040ez 2012 Extension of time for filing. Irs form 1040ez 2012   There is an automatic extension of 12 months to make this election. Irs form 1040ez 2012 See the Form 8716 instructions for more information. Irs form 1040ez 2012 Terminating the election. Irs form 1040ez 2012   The section 444 election remains in effect until it is terminated. Irs form 1040ez 2012 If the election is terminated, another section 444 election cannot be made for any tax year. Irs form 1040ez 2012   The election ends when any of the following applies to the partnership, S corporation, or PSC. Irs form 1040ez 2012 The entity changes to its required tax year. Irs form 1040ez 2012 The entity liquidates. Irs form 1040ez 2012 The entity becomes a member of a tiered structure. Irs form 1040ez 2012 The IRS determines that the entity willfully failed to comply with the required payments or distributions. Irs form 1040ez 2012   The election will also end if either of the following events occur. Irs form 1040ez 2012 An S corporation's S election is terminated. Irs form 1040ez 2012 However, if the S corporation immediately becomes a PSC, the PSC can continue the section 444 election of the S corporation. Irs form 1040ez 2012 A PSC ceases to be a PSC. Irs form 1040ez 2012 If the PSC elects to be an S corporation, the S corporation can continue the election of the PSC. Irs form 1040ez 2012 Required payment for partnership or S corporation. Irs form 1040ez 2012   A partnership or an S corporation must make a required payment for any tax year: The section 444 election is in effect. Irs form 1040ez 2012 The required payment for that year (or any preceding tax year) is more than $500. Irs form 1040ez 2012    This payment represents the value of the tax deferral the owners receive by using a tax year different from the required tax year. Irs form 1040ez 2012   Form 8752, Required Payment or Refund Under Section 7519, must be filed each year the section 444 election is in effect, even if no payment is due. Irs form 1040ez 2012 If the required payment is more than $500 (or the required payment for any prior year was more than $500), the payment must be made when Form 8752 is filed. Irs form 1040ez 2012 If the required payment is $500 or less and no payment was required in a prior year, Form 8752 must be filed showing a zero amount. Irs form 1040ez 2012 Applicable election year. Irs form 1040ez 2012   Any tax year a section 444 election is in effect, including the first year, is called an applicable election year. Irs form 1040ez 2012 Form 8752 must be filed and the required payment made (or zero amount reported) by May 15th of the calendar year following the calendar year in which the applicable election year begins. Irs form 1040ez 2012 Required distribution for PSC. Irs form 1040ez 2012   A PSC with a section 444 election in effect must distribute certain amounts to employee-owners by December 31 of each applicable year. Irs form 1040ez 2012 If it fails to make these distributions, it may be required to defer certain deductions for amounts paid to owner-employees. Irs form 1040ez 2012 The amount deferred is treated as paid or incurred in the following tax year. Irs form 1040ez 2012   For information on the minimum distribution, see the instructions for Part I of Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC). Irs form 1040ez 2012 Back-up election. Irs form 1040ez 2012   A partnership, S corporation, or PSC can file a back-up section 444 election if it requests (or plans to request) permission to use a business purpose tax year, discussed later. Irs form 1040ez 2012 If the request is denied, the back-up section 444 election must be activated (if the partnership, S corporation, or PSC otherwise qualifies). Irs form 1040ez 2012 Making back-up election. Irs form 1040ez 2012   The general rules for making a section 444 election, as discussed earlier, apply. Irs form 1040ez 2012 When filing Form 8716, type or print “BACK-UP ELECTION” at the top of the form. Irs form 1040ez 2012 However, if Form 8716 is filed on or after the date Form 1128 (or Form 2553) is filed, type or print “FORM 1128 (or FORM 2553) BACK-UP ELECTION” at the top of Form 8716. Irs form 1040ez 2012 Activating election. Irs form 1040ez 2012   A partnership or S corporation activates its back-up election by filing the return required and making the required payment with Form 8752. Irs form 1040ez 2012 The due date for filing Form 8752 and making the payment is the later of the following dates. Irs form 1040ez 2012 May 15 of the calendar year following the calendar year in which the applicable election year begins. Irs form 1040ez 2012 60 days after the partnership or S corporation has been notified by the IRS that the business year request has been denied. Irs form 1040ez 2012   A PSC activates its back-up election by filing Form 8716 with its original or amended income tax return for the tax year in which the election is first effective and printing on the top of the income tax return, “ACTIVATING BACK-UP ELECTION. Irs form 1040ez 2012 ” 52-53-Week Tax Year A partnership, S corporation, or PSC can use a tax year other than its required tax year if it elects a 52-53-week tax year (discussed earlier) that ends with reference to either its required tax year or a tax year elected under section 444 (discussed earlier). Irs form 1040ez 2012 A newly formed partnership, S corporation, or PSC can adopt a 52-53-week tax year ending with reference to either its required tax year or a tax year elected under section 444 without IRS approval. Irs form 1040ez 2012 However, if the entity wishes to change to a 52-53-week tax year or change from a 52-53-week tax year that references a particular month to a non-52-53-week tax year that ends on the last day of that month, it must request IRS approval by filing Form 1128. Irs form 1040ez 2012 Business Purpose Tax Year A partnership, S corporation, or PSC establishes the business purpose for a tax year by filing Form 1128. Irs form 1040ez 2012 See the Instructions for Form 1128 for details. Irs form 1040ez 2012 Corporations (Other Than S Corporations and PSCs) A new corporation establishes its tax year when it files its first tax return. Irs form 1040ez 2012 A newly reactivated corporation that has been inactive for a number of years is treated as a new taxpayer for the purpose of adopting a tax year. Irs form 1040ez 2012 An S corporation or a PSC must use the required tax year rules, discussed earlier, to establish a tax year. Irs form 1040ez 2012 Generally, a corporation that wants to change its tax year must obtain approval from the IRS under either the: (a) automatic approval procedures; or (b) ruling request procedures. Irs form 1040ez 2012 See the Instructions for Form 1128 for details. Irs form 1040ez 2012 Accounting Methods An accounting method is a set of rules used to determine when income and expenses are reported on your tax return. Irs form 1040ez 2012 Your accounting method includes not only your overall method of accounting, but also the accounting treatment you use for any material item. Irs form 1040ez 2012 You choose an accounting method when you file your first tax return. Irs form 1040ez 2012 If you later want to change your accounting method, you must get IRS approval. Irs form 1040ez 2012 See Change in Accounting Method, later. Irs form 1040ez 2012 No single accounting method is required of all taxpayers. Irs form 1040ez 2012 You must use a system that clearly reflects your income and expenses and you must maintain records that will enable you to file a correct return. Irs form 1040ez 2012 In addition to your permanent accounting books, you must keep any other records necessary to support the entries on your books and tax returns. Irs form 1040ez 2012 You must use the same accounting method from year to year. Irs form 1040ez 2012 An accounting method clearly reflects income only if all items of gross income and expenses are treated the same from year to year. Irs form 1040ez 2012 If you do not regularly use an accounting method that clearly reflects your income, your income will be refigured under the method that, in the opinion of the IRS, does clearly reflect income. Irs form 1040ez 2012 Methods you can use. Irs form 1040ez 2012   In general, you can compute your taxable income under any of the following accounting methods. Irs form 1040ez 2012 Cash method. Irs form 1040ez 2012 Accrual method. Irs form 1040ez 2012 Special methods of accounting for certain items of income and expenses. Irs form 1040ez 2012 A hybrid method which combines elements of two or more of the above accounting methods. Irs form 1040ez 2012 The cash and accrual methods of accounting are explained later. Irs form 1040ez 2012 Special methods. Irs form 1040ez 2012   This publication does not discuss special methods of accounting for certain items of income or expenses. Irs form 1040ez 2012 For information on reporting income using one of the long-term contract methods, see section 460 of the Internal Revenue Code and the related regulations. Irs form 1040ez 2012 The following publications also discuss special methods of reporting income or expenses. Irs form 1040ez 2012 Publication 225, Farmer's Tax Guide. Irs form 1040ez 2012 Publication 535, Business Expenses. Irs form 1040ez 2012 Publication 537, Installment Sales. Irs form 1040ez 2012 Publication 946, How To Depreciate Property. Irs form 1040ez 2012 Hybrid method. Irs form 1040ez 2012   Generally, you can use any combination of cash, accrual, and special methods of accounting if the combination clearly reflects your income and you use it consistently. Irs form 1040ez 2012 However, the following restrictions apply. Irs form 1040ez 2012 If an inventory is necessary to account for your income, you must use an accrual method for purchases and sales. Irs form 1040ez 2012 See Exceptions under Inventories, later. Irs form 1040ez 2012 Generally, you can use the cash method for all other items of income and expenses. Irs form 1040ez 2012 See Inventories, later. Irs form 1040ez 2012 If you use the cash method for reporting your income, you must use the cash method for reporting your expenses. Irs form 1040ez 2012 If you use an accrual method for reporting your expenses, you must use an accrual method for figuring your income. Irs form 1040ez 2012 Any combination that includes the cash method is treated as the cash method for purposes of section 448 of the Internal Revenue Code. Irs form 1040ez 2012 Business and personal items. Irs form 1040ez 2012   You can account for business and personal items using different accounting methods. Irs form 1040ez 2012 For example, you can determine your business income and expenses under an accrual method, even if you use the cash method to figure personal items. Irs form 1040ez 2012 Two or more businesses. Irs form 1040ez 2012   If you operate two or more separate and distinct businesses, you can use a different accounting method for each business. Irs form 1040ez 2012 No business is separate and distinct, unless a complete and separate set of books and records is maintained for each business. Irs form 1040ez 2012 Note. Irs form 1040ez 2012 If you use different accounting methods to create or shift profits or losses between businesses (for example, through inventory adjustments, sales, purchases, or expenses) so that income is not clearly reflected, the businesses will not be considered separate and distinct. Irs form 1040ez 2012 Cash Method Most individuals and many small businesses use the cash method of accounting. Irs form 1040ez 2012 Generally, if you produce, purchase, or sell merchandise, you must keep an inventory and use an accrual method for sales and purchases of merchandise. Irs form 1040ez 2012 See Inventories, later, for exceptions to this rule. Irs form 1040ez 2012 Income Under the cash method, you include in your gross income all items of income you actually or constructively receive during the tax year. Irs form 1040ez 2012 If you receive property and services, you must include their fair market value (FMV) in income. Irs form 1040ez 2012 Constructive receipt. Irs form 1040ez 2012   Income is constructively received when an amount is credited to your account or made available to you without restriction. Irs form 1040ez 2012 You need not have possession of it. Irs form 1040ez 2012 If you authorize someone to be your agent and receive income for you, you are considered to have received it when your agent receives it. Irs form 1040ez 2012 Income is not constructively received if your control of its receipt is subject to substantial restrictions or limitations. Irs form 1040ez 2012 Example. Irs form 1040ez 2012 You are a calendar year taxpayer. Irs form 1040ez 2012 Your bank credited, and made available, interest to your bank account in December 2012. Irs form 1040ez 2012 You did not withdraw it or enter it into your books until 2013. Irs form 1040ez 2012 You must include the amount in gross income for 2012, the year you constructively received it. Irs form 1040ez 2012 You cannot hold checks or postpone taking possession of similar property from one tax year to another to postpone paying tax on the income. Irs form 1040ez 2012 You must report the income in the year the property is received or made available to you without restriction. Irs form 1040ez 2012 Expenses Under the cash method, generally, you deduct expenses in the tax year in which you actually pay them. Irs form 1040ez 2012 This includes business expenses for which you contest liability. Irs form 1040ez 2012 However, you may not be able to deduct an expense paid in advance. Irs form 1040ez 2012 Instead, you may be required to capitalize certain costs, as explained later under Uniform Capitalization Rules. Irs form 1040ez 2012 Expense paid in advance. Irs form 1040ez 2012   An expense you pay in advance is deductible only in the year to which it applies, unless the expense qualifies for the 12-month rule. Irs form 1040ez 2012   Under the 12-month rule, a taxpayer is not required to capitalize amounts paid to create certain rights or benefits for the taxpayer that do not extend beyond the earlier of the following. Irs form 1040ez 2012 12 months after the right or benefit begins, or The end of the tax year after the tax year in which payment is made. Irs form 1040ez 2012   If you have not been applying the general rule (an expense paid in advance is deductible only in the year to which it applies) and/or the 12-month rule to the expenses you paid in advance, you must obtain approval from the IRS before using the general rule and/or the 12-month rule. Irs form 1040ez 2012 See Change in Accounting Method, later. Irs form 1040ez 2012 Example 1. Irs form 1040ez 2012 You are a calendar year taxpayer and pay $3,000 in 2012 for a business insurance policy that is effective for three years (36 months), beginning on July 1, 2012. Irs form 1040ez 2012 The general rule that an expense paid in advance is deductible only in the year to which it applies is applicable to this payment because the payment does not qualify for the 12-month rule. Irs form 1040ez 2012 Therefore, only $500 (6/36 x $3,000) is deductible in 2012, $1,000 (12/36 x $3,000) is deductible in 2013, $1,000 (12/36 x $3,000) is deductible in 2014, and the remaining $500 is deductible in 2015. Irs form 1040ez 2012 Example 2. Irs form 1040ez 2012 You are a calendar year taxpayer and pay $10,000 on July 1, 2012, for a business insurance policy that is effective for only one year beginning on July 1, 2012. Irs form 1040ez 2012 The 12-month rule applies. Irs form 1040ez 2012 Therefore, the full $10,000 is deductible in 2012. Irs form 1040ez 2012 Excluded Entities The following entities cannot use the cash method, including any combination of methods that includes the cash method. Irs form 1040ez 2012 (See Special rules for farming businesses, later. Irs form 1040ez 2012 ) A corporation (other than an S corporation) with average annual gross receipts exceeding $5 million. Irs form 1040ez 2012 See Gross receipts test, below. Irs form 1040ez 2012 A partnership with a corporation (other than an S corporation) as a partner, and with the partnership having average annual gross receipts exceeding $5 million. Irs form 1040ez 2012 See Gross receipts test, below. Irs form 1040ez 2012 A tax shelter. Irs form 1040ez 2012 Exceptions The following entities are not prohibited from using the cash method of accounting. Irs form 1040ez 2012 Any corporation or partnership, other than a tax shelter, that meets the gross receipts test for all tax years after 1985. Irs form 1040ez 2012 A qualified personal service corporation (PSC). Irs form 1040ez 2012 Gross receipts test. Irs form 1040ez 2012   A corporation or partnership, other than a tax shelter, that meets the gross receipts test can generally use the cash method. Irs form 1040ez 2012 A corporation or a partnership meets the test if, for each prior tax year beginning after 1985, its average annual gross receipts are $5 million or less. Irs form 1040ez 2012    An entity's average annual gross receipts for a prior tax year is determined by: Adding the gross receipts for that tax year and the 2 preceding tax years; and Dividing the total by 3. Irs form 1040ez 2012 See Gross receipts test for qualifying taxpayers, for more information. Irs form 1040ez 2012 Generally, a partnership applies the test at the partnership level. Irs form 1040ez 2012 Gross receipts for a short tax year are annualized. Irs form 1040ez 2012 Aggregation rules. Irs form 1040ez 2012   Organizations that are members of an affiliated service group or a controlled group of corporations treated as a single employer for tax purposes are required to aggregate their gross receipts to determine whether the gross receipts test is met. Irs form 1040ez 2012 Change to accrual method. Irs form 1040ez 2012   A corporation or partnership that fails to meet the gross receipts test for any tax year is prohibited from using the cash method and must change to an accrual method of accounting, effective for the tax year in which the entity fails to meet this test. Irs form 1040ez 2012 Special rules for farming businesses. Irs form 1040ez 2012   Generally, a taxpayer engaged in the trade or business of farming is allowed to use the cash method for its farming business. Irs form 1040ez 2012 However, certain corporations (other than S corporations) and partnerships that have a partner that is a corporation must use an accrual method for their farming business. Irs form 1040ez 2012 For this purpose, farming does not include the operation of a nursery or sod farm or the raising or harvesting of trees (other than fruit and nut trees). Irs form 1040ez 2012   There is an exception to the requirement to use an accrual method for corporations with gross receipts of $1 million or less for each prior tax year after 1975. Irs form 1040ez 2012 For family corporations engaged in farming, the exception applies if gross receipts were $25 million or less for each prior tax year after 1985. Irs form 1040ez 2012 See chapter 2 of Publication 225, Farmer's Tax Guide, for more information. Irs form 1040ez 2012 Qualified PSC. Irs form 1040ez 2012   A PSC that meets the following function and ownership tests can use the cash method. Irs form 1040ez 2012 Function test. Irs form 1040ez 2012   A corporation meets the function test if at least 95% of its activities are in the performance of services in the fields of health, veterinary services, law, engineering (including surveying and mapping), architecture, accounting, actuarial science, performing arts, or consulting. Irs form 1040ez 2012 Ownership test. Irs form 1040ez 2012   A corporation meets the ownership test if at least 95% of its stock is owned, directly or indirectly, at all times during the year by one or more of the following. Irs form 1040ez 2012 Employees performing services for the corporation in a field qualifying under the function test. Irs form 1040ez 2012 Retired employees who had performed services in those fields. Irs form 1040ez 2012 The estate of an employee described in (1) or (2). Irs form 1040ez 2012 Any other person who acquired the stock by reason of the death of an employee referred to in (1) or (2), but only for the 2-year period beginning on the date of death. Irs form 1040ez 2012   Indirect ownership is generally taken into account if the stock is owned indirectly through one or more partnerships, S corporations, or qualified PSCs. Irs form 1040ez 2012 Stock owned by one of these entities is considered owned by the entity's owners in proportion to their ownership interest in that entity. Irs form 1040ez 2012 Other forms of indirect stock ownership, such as stock owned by family members, are generally not considered when determining if the ownership test is met. Irs form 1040ez 2012   For purposes of the ownership test, a person is not considered an employee of a corporation unless that person performs more than minimal services for the corporation. Irs form 1040ez 2012 Change to accrual method. Irs form 1040ez 2012   A corporation that fails to meet the function test for any tax year; or fails to meet the ownership test at any time during any tax year must change to an accrual method of accounting, effective for the year in which the corporation fails to meet either test. Irs form 1040ez 2012 A corporation that fails to meet the function test or the ownership test is not treated as a qualified PSC for any part of that tax year. Irs form 1040ez 2012 Accrual Method Under the accrual method of accounting, generally you report income in the year it is earned and deduct or capitalize expenses in the year incurred. Irs form 1040ez 2012 The purpose of an accrual method of accounting is to match income and expenses in the correct year. Irs form 1040ez 2012 Income Generally, you include an amount in gross income for the tax year in which all events that fix your right to receive the income have occurred and you can determine the amount with reasonable accuracy. Irs form 1040ez 2012 Under this rule, you report an amount in your gross income on the earliest of the following dates. Irs form 1040ez 2012 When you receive payment. Irs form 1040ez 2012 When the income amount is due to you. Irs form 1040ez 2012 When you earn the income. Irs form 1040ez 2012 When title has passed. Irs form 1040ez 2012 Estimated income. Irs form 1040ez 2012   If you include a reasonably estimated amount in gross income and later determine the exact amount is different, take the difference into account in the tax year you make that determination. Irs form 1040ez 2012 Change in payment schedule. Irs form 1040ez 2012   If you perform services for a basic rate specified in a contract, you must accrue the income at the basic rate, even if you agree to receive payments at a reduced rate. Irs form 1040ez 2012 Continue this procedure until you complete the services, then account for the difference. Irs form 1040ez 2012 Advance Payment for Services Generally, you report an advance payment for services to be performed in a later tax year as income in the year you receive the payment. Irs form 1040ez 2012 However, if you receive an advance payment for services you agree to perform by the end of the next tax year, you can elect to postpone including the advance payment in income until the next tax year. Irs form 1040ez 2012 However, you cannot postpone including any payment beyond that tax year. Irs form 1040ez 2012 Service agreement. Irs form 1040ez 2012   You can postpone reporting income from an advance payment you receive for a service agreement on property you sell, lease, build, install, or construct. Irs form 1040ez 2012 This includes an agreement providing for incidental replacement of parts or materials. Irs form 1040ez 2012 However, this applies only if you offer the property without a service agreement in the normal course of business. Irs form 1040ez 2012 Postponement not allowed. Irs form 1040ez 2012   Generally, one cannot postpone including an advance payment in income for services if either of the following applies. Irs form 1040ez 2012 You are to perform any part of the service after the end of the tax year immediately following the year you receive the advance payment. Irs form 1040ez 2012 You are to perform any part of the service at any unspecified future date that may be after the end of the tax year immediately following the year you receive the advance payment. Irs form 1040ez 2012 Examples. Irs form 1040ez 2012   In each of the following examples, assume the tax year is a calendar year and that the accrual method of accounting is used. Irs form 1040ez 2012 Example 1. Irs form 1040ez 2012 You manufacture, sell, and service computers. Irs form 1040ez 2012 You received payment in 2012 for a one-year contingent service contract on a computer you sold. Irs form 1040ez 2012 You can postpone including in income the part of the payment you did not earn in 2012 if, in the normal course of your business, you offer computers for sale without a contingent service contract. Irs form 1040ez 2012 Example 2. Irs form 1040ez 2012 You are in the television repair business. Irs form 1040ez 2012 You received payments in 2012 for one-year contracts under which you agree to repair or replace certain parts that fail to function properly in television sets manufactured and sold by unrelated parties. Irs form 1040ez 2012 You include the payments in gross income as you earn them. Irs form 1040ez 2012 Example 3. Irs form 1040ez 2012 You own a dance studio. Irs form 1040ez 2012 On October 1, 2012, you receive payment for a one-year contract for 48 one-hour lessons beginning on that date. Irs form 1040ez 2012 You give eight lessons in 2012. Irs form 1040ez 2012 Under this method of including advance payments, you must include one-sixth (8/48) of the payment in income for 2012, and five-sixths (40/48) of the payment in 2013, even if you do not give all the lessons by the end of 2013. Irs form 1040ez 2012 Example 4. Irs form 1040ez 2012 Assume the same facts as in Example 3, except the payment is for a two-year contract for 96 lessons. Irs form 1040ez 2012 You must include the entire payment in income in 2012 since part of the services may be performed after the following year. Irs form 1040ez 2012 Guarantee or warranty. Irs form 1040ez 2012   Generally, you cannot postpone reporting income you receive under a guarantee or warranty contract. Irs form 1040ez 2012 Prepaid rent. Irs form 1040ez 2012   You cannot postpone reporting income from prepaid rent. Irs form 1040ez 2012 Prepaid rent does not include payment for the use of a room or other space when significant service is also provided for the occupant. Irs form 1040ez 2012 You provide significant service when you supply space in a hotel, boarding house, tourist home, motor court, motel, or apartment house that furnishes hotel services. Irs form 1040ez 2012 Books and records. Irs form 1040ez 2012   Any advance payment you include in gross receipts on your tax return for the year you receive payment must not be less than the payment you include in income for financial reports under the method of accounting used for those reports. Irs form 1040ez 2012 Financial reports include reports to shareholders, partners, beneficiaries, and other proprietors for credit purposes and consolidated financial statements. Irs form 1040ez 2012 IRS approval. Irs form 1040ez 2012   You must file Form 3115 to obtain IRS approval to change your method of accounting for advance payment for services. Irs form 1040ez 2012 Advance Payment for Sales Special rules apply to including income from advance payments on agreements for future sales or other dispositions of goods held primarily for sale to customers in the ordinary course of your trade or business. Irs form 1040ez 2012 However, the rules do not apply to a payment (or part of a payment) for services that are not an integral part of the main activities covered under the agreement. Irs form 1040ez 2012 An agreement includes a gift certificate that can be redeemed for goods. Irs form 1040ez 2012 Amounts due and payable are considered received. Irs form 1040ez 2012 How to report payments. Irs form 1040ez 2012   Generally, include an advance payment in income in the year in which you receive it. Irs form 1040ez 2012 However, you can use the alternative method, discussed next. Irs form 1040ez 2012 Alternative method of reporting. Irs form 1040ez 2012   Under the alternative method, generally include an advance payment in income in the earlier tax year in which you: Include advance payments in gross receipts under the method of accounting you use for tax purposes, or Include any part of advance payments in income for financial reports under the method of accounting used for those reports. Irs form 1040ez 2012 Financial reports include reports to shareholders, partners, beneficiaries, and other proprietors for credit purposes and consolidated financial statements. Irs form 1040ez 2012 Example 1. Irs form 1040ez 2012 You are a retailer. Irs form 1040ez 2012 You use an accrual method of accounting and account for the sale of goods when you ship the goods. Irs form 1040ez 2012 You use this method for both tax and financial reporting purposes. Irs form 1040ez 2012 You can include advance payments in gross receipts for tax purposes in either: (a) the tax year in which you receive the payments; or (b) the tax year in which you ship the goods. Irs form 1040ez 2012 However, see Exception for inventory goods, later. Irs form 1040ez 2012 Example 2. Irs form 1040ez 2012 You are a calendar year taxpayer. Irs form 1040ez 2012 You manufacture household furniture and use an accrual method of accounting. Irs form 1040ez 2012 Under this method, you accrue income for your financial reports when you ship the furniture. Irs form 1040ez 2012 For tax purposes, you do not accrue income until the furniture has been delivered and accepted. Irs form 1040ez 2012 In 2012, you received an advance payment of $8,000 for an order of furniture to be manufactured for a total price of $20,000. Irs form 1040ez 2012 You shipped the furniture to the customer in December 2012, but it was not delivered and accepted until January 2013. Irs form 1040ez 2012 For tax purposes, you include the $8,000 advance payment in gross income for 2012; and include the remaining $12,000 of the contract price in gross income for 2013. Irs form 1040ez 2012 Information schedule. Irs form 1040ez 2012   If you use the alternative method of reporting advance payments, you must attach a statement with the following information to your tax return each year. Irs form 1040ez 2012 Total advance payments received in the current tax year. Irs form 1040ez 2012 Total advance payments received in earlier tax years and not included in income before the current tax year. Irs form 1040ez 2012 Total payments received in earlier tax years included in income for the current tax year. Irs form 1040ez 2012 Exception for inventory goods. Irs form 1040ez 2012   If you have an agreement to sell goods properly included in inventory, you can postpone including the advance payment in income until the end of the second tax year following the year you receive an advance payment if, on the last day of the tax year, you meet the following requirements. Irs form 1040ez 2012 You account for the advance payment under the alternative method (discussed earlier). Irs form 1040ez 2012 You have received a substantial advance payment on the agreement (discussed next). Irs form 1040ez 2012 You have enough substantially similar goods on hand, or available through your normal source of supply, to satisfy the agreement. Irs form 1040ez 2012 These rules also apply to an agreement, such as a gift certificate, that can be satisfied with goods that cannot be identified in the tax year you receive an advance payment. Irs form 1040ez 2012   If you meet these conditions, all advance payments you receive by the end of the second tax year, including payments received in prior years but not reported, must be included in income by the second tax year following the tax year of receipt of substantial advance payments. Irs form 1040ez 2012 You must also deduct in that second year all actual or estimated costs for the goods required to satisfy the agreement. Irs form 1040ez 2012 If you estimated the cost, you must take into account any difference between the estimate and the actual cost when the goods are delivered. Irs form 1040ez 2012 Note. Irs form 1040ez 2012 You must report any advance payments you receive after the second year in the year received. Irs form 1040ez 2012 No further deferral is allowed. Irs form 1040ez 2012 Substantial advance payments. Irs form 1040ez 2012   Under an agreement for a future sale, you have substantial advance payments if, by the end of the tax year, the total advance payments received during that year and preceding tax years are equal to or more than the total costs reasonably estimated to be includible in inventory because of the agreement. Irs form 1040ez 2012 Example. Irs form 1040ez 2012 You are a calendar year, accrual method taxpayer who accounts for advance payments under the alternative method. Irs form 1040ez 2012 In 2008, you entered into a contract for the sale of goods properly includible in your inventory. Irs form 1040ez 2012 The total contract price is $50,000 and you estimate that your total inventoriable costs for the goods will be $25,000. Irs form 1040ez 2012 You receive the following advance payments under the contract. Irs form 1040ez 2012 2009 $17,500 2010 10,000 2011 7,500 2012 5,000 2013 5,000 2014 5,000 Total contract price $50,000   Your customer asked you to deliver the goods in 2015. Irs form 1040ez 2012 In your 2010 closing inventory, you had on hand enough of the type of goods specified in the contract to satisfy the contract. Irs form 1040ez 2012 Since the advance payments you had received by the end of 2010 were more than the costs you estimated, the payments are substantial advance payments. Irs form 1040ez 2012   For 2012, include in income all payments you received by the end of 2012, the second tax year following the tax year in which you received substantial advance payments. Irs form 1040ez 2012 You must include $40,000 in sales for 2012 (the total amounts received from 2009 through 2012) and include in inventory the cost of the goods (or similar goods) on hand. Irs form 1040ez 2012 If no such goods are on hand, then estimate the cost necessary to satisfy the contract. Irs form 1040ez 2012   No further deferral is allowed. Irs form 1040ez 2012 You must include in gross income the advance payment you receive each remaining year of the contract. Irs form 1040ez 2012 Take into account the difference between any estimated cost of goods sold and the actual cost when you deliver the goods in 2015. Irs form 1040ez 2012 IRS approval. Irs form 1040ez 2012   You must file Form 3115 to obtain IRS approval to change your method of accounting for advance payments for sales. Irs form 1040ez 2012 Expenses Under an accrual method of accounting, you generally deduct or capitalize a business expense when both the following apply. Irs form 1040ez 2012 The all-events test has been met. Irs form 1040ez 2012 The test is met when: All events have occurred that fix the fact of liability, and The liability can be determined with reasonable accuracy. Irs form 1040ez 2012 Economic performance has occurred. Irs form 1040ez 2012 Economic Performance Generally, you cannot deduct or capitalize a business expense until economic performance occurs. Irs form 1040ez 2012 If your expense is for property or services provided to you, or for your use of property, economic performance occurs as the property or services are provided or the property is used. Irs form 1040ez 2012 If your expense is for property or services you provide to others, economic performance occurs as you provide the property or services. Irs form 1040ez 2012 Example. Irs form 1040ez 2012 You are a calendar year taxpayer. Irs form 1040ez 2012 You buy office supplies in December 2012. Irs form 1040ez 2012 You receive the supplies and the bill in December, but you pay the bill in January 2013. Irs form 1040ez 2012 You can deduct the expense in 2012 because all events have occurred to fix the liability, the amount of the liability can be determined, and economic performance occurred in 2012. Irs form 1040ez 2012 Your office supplies may qualify as a recurring item, discussed later. Irs form 1040ez 2012 If so, you can deduct them in 2012, even if the supplies are not delivered until 2013 (when economic performance occurs). Irs form 1040ez 2012 Workers' compensation and tort liability. Irs form 1040ez 2012   If you are required to make payments under workers' compensation laws or in satisfaction of any tort liability, economic performance occurs as you make the payments. Irs form 1040ez 2012 If you are required to make payments to a special designated settlement fund established by court order for a tort liability, economic performance occurs as you make the payments. Irs form 1040ez 2012 Taxes. Irs form 1040ez 2012   Economic performance generally occurs as estimated income tax, property taxes, employment taxes, etc. Irs form 1040ez 2012 are paid. Irs form 1040ez 2012 However, you can elect to treat taxes as a recurring item, discussed later. Irs form 1040ez 2012 You can also elect to ratably accrue real estate taxes. Irs form 1040ez 2012 See chapter 5 of Publication 535 for information about real estate taxes. Irs form 1040ez 2012 Other liabilities. Irs form 1040ez 2012   Other liabilities for which economic performance occurs as you make payments include liabilities for breach of contract (to the extent of incidental, consequential, and liquidated damages), violation of law, rebates and refunds, awards, prizes, jackpots, insurance, and warranty and service contracts. Irs form 1040ez 2012 Interest. Irs form 1040ez 2012   Economic performance occurs with the passage of time (as the borrower uses, and the lender forgoes use of, the lender's money) rather than as payments are made. Irs form 1040ez 2012 Compensation for services. Irs form 1040ez 2012   Generally, economic performance occurs as an employee renders service to the employer. Irs form 1040ez 2012 However, deductions for compensation or other benefits paid to an employee in a year subsequent to economic performance are subject to the rules governing deferred compensation, deferred benefits, and funded welfare benefit plans. Irs form 1040ez 2012 For information on employee benefit programs, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. Irs form 1040ez 2012 Vacation pay. Irs form 1040ez 2012   You can take a current deduction for vacation pay earned by your employees if you pay it during the year or, if the amount is vested, within 2½ months after the end of the year. Irs form 1040ez 2012 If you pay it later than this, you must deduct it in the year actually paid. Irs form 1040ez 2012 An amount is vested if your right to it cannot be nullified or cancelled. Irs form 1040ez 2012 Exception for recurring items. Irs form 1040ez 2012   An exception to the economic performance rule allows certain recurring items to be treated as incurred during the tax year even though economic performance has not occurred. Irs form 1040ez 2012 The exception applies if all the following requirements are met. Irs form 1040ez 2012 The all-events test, discussed earlier, is met. Irs form 1040ez 2012 Economic performance occurs by the earlier of the following dates. Irs form 1040ez 2012 8½ months after the close of the year. Irs form 1040ez 2012 The date you file a timely return (including extensions) for the year. Irs form 1040ez 2012 The item is recurring in nature and you consistently treat similar items as incurred in the tax year in which the all-events test is met. Irs form 1040ez 2012 Either: The item is not material, or Accruing the item in the year in which the all-events test is met results in a better match against income than accruing the item in the year of economic performance. Irs form 1040ez 2012 This exception does not apply to workers' compensation or tort liabilities. Irs form 1040ez 2012 Amended return. Irs form 1040ez 2012   You may be able to file an amended return and treat a liability as incurred under the recurring item exception. Irs form 1040ez 2012 You can do so if economic performance for the liability occurs after you file your tax return for the year, but within 8½ months after the close of the tax year. Irs form 1040ez 2012 Recurrence and consistency. Irs form 1040ez 2012   To determine whether an item is recurring and consistently reported, consider the frequency with which the item and similar items are incurred (or expected to be incurred) and how you report these items for tax purposes. Irs form 1040ez 2012 A new expense or an expense not incurred every year can be treated as recurring if it is reasonable to expect that it will be incurred regularly in the future. Irs form 1040ez 2012 Materiality. Irs form 1040ez 2012   Factors to consider in determining the materiality of a recurring item include the size of the item (both in absolute terms and in relation to your income and other expenses) and the treatment of the item on your financial statements. Irs form 1040ez 2012   An item considered material for financial statement purposes is also considered material for tax purposes. Irs form 1040ez 2012 However, in certain situations an immaterial item for financial accounting purposes is treated as material for purposes of economic performance. Irs form 1040ez 2012 Matching expenses with income. Irs form 1040ez 2012   Costs directly associated with the revenue of a period are properly allocable to that period. Irs form 1040ez 2012 To determine whether the accrual of an expense in a particular year results in a better match with the income to which it relates, generally accepted accounting principles (GAAP; visit www. Irs form 1040ez 2012 fasab. Irs form 1040ez 2012 gov/accepted. Irs form 1040ez 2012 html) are an important factor. Irs form 1040ez 2012   For example, if you report sales income in the year of sale, but you do not ship the goods until the following year, the shipping costs are more properly matched to income in the year of sale than the year the goods are shipped. Irs form 1040ez 2012 Expenses that cannot be practically associated with income of a particular period, such as advertising costs, should be assigned to the period the costs are incurred. Irs form 1040ez 2012 However, the matching requirement is considered met for certain types of expenses. Irs form 1040ez 2012 These expenses include taxes, payments under insurance, warranty, and service contracts, rebates, refunds, awards, prizes, and jackpots. Irs form 1040ez 2012 Expenses Paid in Advance An expense you pay in advance is deductible only in the year to which it applies, unless the expense qualifies for the 12-month rule. Irs form 1040ez 2012 Under the 12-month rule, a taxpayer is not required to capitalize amounts paid to create certain rights or benefits for the taxpayer that do not extend beyond the earlier of the following. Irs form 1040ez 2012 12 months after the right or benefit begins, or The end of the tax year after the tax year in which payment is made. Irs form 1040ez 2012 If you have not been applying the general rule (an expense paid in advance is deductible only in the year to which it applies) and/or the 12-month rule to the expenses you paid in advance, you must get IRS approval before using the general rule and/or the 12-month rule. Irs form 1040ez 2012 See Change in Accounting Method, later, for information on how to get IRS approval. Irs form 1040ez 2012 See Expense paid in advance under Cash Method, earlier, for examples illustrating the application of the general and 12-month rules. Irs form 1040ez 2012 Related Persons Business expenses and interest owed to a related person who uses the cash method of accounting are not deductible until you make the payment and the corresponding amount is includible in the related person's gross income. Irs form 1040ez 2012 Determine the relationship for this rule as of the end of the tax year for which the expense or interest would otherwise be deductible. Irs form 1040ez 2012 See section 267 of the Internal Revenue Code and Publication 542, Corporations, for the definition of related person. Irs form 1040ez 2012 Inventories An inventory is necessary to clearly show income when the production, purchase, or sale of merchandise is an income-producing factor. Irs form 1040ez 2012 If you must account for an inventory in your business, you must use an accrual method of accounting for your purchases and sales. Irs form 1040ez 2012 However, see Exceptions, next. Irs form 1040ez 2012 See also Accrual Method, earlier. Irs form 1040ez 2012 To figure taxable income, you must value your inventory at the beginning and end of each tax year. Irs form 1040ez 2012 To determine the value, you need a method for identifying the items in your inventory and a method for valuing these items. Irs form 1040ez 2012 See Identifying Cost and Valuing Inventory, later. Irs form 1040ez 2012 The rules for valuing inventory are not the same for all businesses. Irs form 1040ez 2012 The method you use must conform to generally accepted accounting principles for similar businesses and must clearly reflect income. Irs form 1040ez 2012 Your inventory practices must be consistent from year to year. Irs form 1040ez 2012 The rules discussed here apply only if they do not conflict with the uniform capitalization rules of section 263A and the mark-to-market rules of section 475. Irs form 1040ez 2012 Exceptions The following taxpayers can use the cash method of accounting even if they produce, purchase, or sell merchandise. Irs form 1040ez 2012 These taxpayers can also account for inventoriable items as materials and supplies that are not incidental (discussed later). Irs form 1040ez 2012 A qualifying taxpayer under Revenue Procedure 2001-10 on page 272 of Internal Revenue Bulletin 2001-2, available at www. Irs form 1040ez 2012 irs. Irs form 1040ez 2012 gov/pub/irs-irbs/irb01–02. Irs form 1040ez 2012 pdf. Irs form 1040ez 2012 A qualifying small business taxpayer under Revenue Procedure 2002-28, on page 815 of Internal Revenue Bulletin 2002-18, available at www. Irs form 1040ez 2012 irs. Irs form 1040ez 2012 gov/pub/irs-irbs/irb02–18. Irs form 1040ez 2012 pdf. Irs form 1040ez 2012 In addition to the information provided in this publication, you should see the revenue procedures referenced in the list, above, and the instructions for Form 3115 for information you will need to adopt or change to these accounting methods (see Changing methods, later). Irs form 1040ez 2012 Qualifying taxpayer. Irs form 1040ez 2012   You are a qualifying taxpayer under Revenue Procedure 2001-10 only if: You satisfy the gross receipts test for each prior tax year ending on or after December 17, 1998 (see Gross receipts test for qualifying taxpayers, next). Irs form 1040ez 2012 Your average annual gross receipts for each test year (explained in Step 1, listed next) must be $1 million or less. Irs form 1040ez 2012 You are not a tax shelter as defined under section 448(d)(3) of the Internal Revenue Code. Irs form 1040ez 2012 Gross receipts test for qualifying taxpayers. Irs form 1040ez 2012   To determine if you meet the gross receipts test for qualifying taxpayers, use the following steps: Step 1. Irs form 1040ez 2012 List each of the test years. Irs form 1040ez 2012 For qualifying taxpayers under Revenue Procedure 2001-10, the test years are each prior tax year ending on or after December 17, 1998. Irs form 1040ez 2012 Step 2. Irs form 1040ez 2012 Determine your average annual gross receipts for each test year listed in Step 1. Irs form 1040ez 2012 Your average annual gross receipts for a tax year is determined by adding the gross receipts for that tax year and the 2 preceding tax years and dividing the total by 3. Irs form 1040ez 2012 Step 3. Irs form 1040ez 2012 You meet the gross receipts test for qualifying taxpayers if your average annual gross receipts for each test year listed in Step 1 is $1 million or less. Irs form 1040ez 2012 Qualifying small business taxpayer. Irs form 1040ez 2012   You are a qualifying small business taxpayer under Revenue Procedure 2002-28 only if: You satisfy the gross receipts test for each prior tax year ending on or after December 31, 2000 (see Gross receipts test for qualifying small business taxpayers, next). Irs form 1040ez 2012 Your average annual gross receipts for each test year (explained in Step 1, listed next) must be $10 million or less. Irs form 1040ez 2012 You are not prohibited from using the cash method under section 448 of the Internal Revenue Code. Irs form 1040ez 2012 Your principle business activity is an eligible business. Irs form 1040ez 2012 See Eligible business, later. Irs form 1040ez 2012 You have not changed (or have not been required to change) from the cash method because you became ineligible to use the cash method under Revenue Procedure 2002-28. Irs form 1040ez 2012 Note. Irs form 1040ez 2012 Revenue Procedure 2002-28 does not apply to a farming business of a qualifying small business taxpayer. Irs form 1040ez 2012 A taxpayer engaged in the trade or business of farming generally is allowed to use the cash method for any farming business. Irs form 1040ez 2012 See Special rules for farming businesses under Cash Method, earlier. Irs form 1040ez 2012 Gross receipts test for qualifying small business taxpayers. Irs form 1040ez 2012   To determine if you meet the gross receipts test for qualifying small business taxpayers, use the following steps: Step 1. Irs form 1040ez 2012 List each of the test years. Irs form 1040ez 2012 For qualifying small business taxpayers under Revenue Procedure 2002-28, the test years are each prior tax year ending on or after December 31, 2000. Irs form 1040ez 2012 Step 2. Irs form 1040ez 2012 Determine your average annual gross receipts for each test year listed in Step 1. Irs form 1040ez 2012 Your average annual gross receipts for a tax year is determined by adding the gross receipts for that tax year and the 2 preceding tax years and dividing the total by 3. Irs form 1040ez 2012 Step 3. Irs form 1040ez 2012 You meet the gross receipts test for qualifying small business taxpayers if your average annual gross receipts for each test year listed in Step 1 is $10 million or less. Irs form 1040ez 2012 Eligible business. Irs form 1040ez 2012   An eligible business is any business for which a qualified small business taxpayer can use the cash method and choose to not keep an inventory. Irs form 1040ez 2012 You have an eligible business if you meet any of the following requirements. Irs form 1040ez 2012 Your principal business activity is described in a North American Industry Classification System (NAICS) code other than any of the following NAICS subsector codes: NAICS codes 211 and 212 (mining activities). Irs form 1040ez 2012 NAICS codes 31-33 (manufacturing). Irs form 1040ez 2012 NAICS code 42 (wholesale trade). Irs form 1040ez 2012 NAICS codes 44-45 (retail trade). Irs form 1040ez 2012 NAICS codes 5111 and 5122 (information industries). Irs form 1040ez 2012 Your principal business activity is the provision of services, including the provision of property incident to those services. Irs form 1040ez 2012 Your principal business activity is the fabrication or modification of tangible personal property upon demand in accordance with customer design or specifications. Irs form 1040ez 2012   Information about the NAICS codes can be found at http://www. Irs form 1040ez 2012 census. Irs form 1040ez 2012 gov/naics or in the instructions for your federal income tax return. Irs form 1040ez 2012 Gross receipts. Irs form 1040ez 2012   In general, gross receipts must include all receipts from all your trades or businesses that must be recognized under the method of accounting you used for that tax year for federal income tax purposes. Irs form 1040ez 2012 See the definit
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The Irs Form 1040ez 2012

Irs form 1040ez 2012 How To Get Tax Help Table of Contents You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get more information from the IRS in several ways. Irs form 1040ez 2012 By selecting the method that is best for you, you will have quick and easy access to tax help. Irs form 1040ez 2012 Contacting your Taxpayer Advocate. Irs form 1040ez 2012   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Irs form 1040ez 2012   The Taxpayer Advocate represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Irs form 1040ez 2012 While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Irs form 1040ez 2012   To contact your Taxpayer Advocate: Call the Taxpayer Advocate at 1–877–777–4778. Irs form 1040ez 2012 Call the IRS at 1–800–829–1040. Irs form 1040ez 2012 Call, write, or fax the Taxpayer Advocate office in your area. Irs form 1040ez 2012 Call 1–800–829–4059 if you are a TTY/TDD user. Irs form 1040ez 2012   For more information, see Publication 1546, The Taxpayer Advocate Service of the IRS. Irs form 1040ez 2012 Free tax services. Irs form 1040ez 2012   To find out what services are available, get Publication 910, Guide to Free Tax Services. Irs form 1040ez 2012 It contains a list of free tax publications and an index of tax topics. Irs form 1040ez 2012 It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Irs form 1040ez 2012 Personal computer. Irs form 1040ez 2012 With your personal computer and modem, you can access the IRS on the Internet at www. Irs form 1040ez 2012 irs. Irs form 1040ez 2012 gov. Irs form 1040ez 2012 While visiting our web site, you can: Find answers to questions you may have. Irs form 1040ez 2012 Download forms and publications or search for forms and publications by topic or keyword. Irs form 1040ez 2012 View forms that may be filled in electronically, print the completed form, and then save the form for recordkeeping. Irs form 1040ez 2012 View Internal Revenue Bulletins published in the last few years. Irs form 1040ez 2012 Search regulations and the Internal Revenue Code. Irs form 1040ez 2012 Receive our electronic newsletters on hot tax issues and news. Irs form 1040ez 2012 Get information on starting and operating a small business. Irs form 1040ez 2012 You can also reach us with your computer using File Transfer Protocol at ftp. Irs form 1040ez 2012 irs. Irs form 1040ez 2012 gov. Irs form 1040ez 2012 TaxFax Service. Irs form 1040ez 2012 Using the phone attached to your fax machine, you can receive forms and instructions by calling 703–368–9694. Irs form 1040ez 2012 Follow the directions from the prompts. Irs form 1040ez 2012 When you order forms, enter the catalog number for the form you need. Irs form 1040ez 2012 The items you request will be faxed to you. Irs form 1040ez 2012 For help with transmission problems, call the FedWorld Help Desk at 703–487–4608. Irs form 1040ez 2012 Phone. Irs form 1040ez 2012 Many services are available by phone. Irs form 1040ez 2012 Ordering forms, instructions, and publications. Irs form 1040ez 2012 Call 1–800–829–3676 to order current and prior year forms, instructions, and publications. Irs form 1040ez 2012 Asking tax questions. Irs form 1040ez 2012 Call the IRS with your tax questions at 1–800–829–1040. Irs form 1040ez 2012 TTY/TDD equipment. Irs form 1040ez 2012 If you have access to TTY/TDD equipment, call 1–800–829–4059 to ask tax questions or to order forms and publications. Irs form 1040ez 2012 TeleTax topics. Irs form 1040ez 2012 Call 1–800–829–4477 to listen to pre-recorded messages covering various tax topics. Irs form 1040ez 2012 Evaluating the quality of our telephone services. Irs form 1040ez 2012 To ensure that IRS representatives give accurate, courteous, and professional answers, we evaluate the quality of our telephone services in several ways. Irs form 1040ez 2012 A second IRS representative sometimes monitors live telephone calls. Irs form 1040ez 2012 That person only evaluates the IRS assistor and does not keep a record of any taxpayer's name or tax identification number. Irs form 1040ez 2012 We sometimes record telephone calls to evaluate IRS assistors objectively. Irs form 1040ez 2012 We hold these recordings no longer than one week and use them only to measure the quality of assistance. Irs form 1040ez 2012 We value our customers' opinions. Irs form 1040ez 2012 Throughout this year, we will be surveying our customers for their opinions on our service. Irs form 1040ez 2012 Walk-in. Irs form 1040ez 2012 You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Irs form 1040ez 2012 Some IRS offices, libraries, grocery stores, copy centers, city and county governments, credit unions, and office supply stores have an extensive collection of products available to print from a CD-ROM or photocopy from reproducible proofs. Irs form 1040ez 2012 Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Irs form 1040ez 2012 Mail. Irs form 1040ez 2012 You can send your order for forms, instructions, and publications to the Distribution Center nearest to you and receive a response within 10 workdays after your request is received. Irs form 1040ez 2012 Find the address that applies to your part of the country. Irs form 1040ez 2012 Western part of U. Irs form 1040ez 2012 S. Irs form 1040ez 2012 : Western Area Distribution Center Rancho Cordova, CA 95743–0001 Central part of U. Irs form 1040ez 2012 S. Irs form 1040ez 2012 : Central Area Distribution Center P. Irs form 1040ez 2012 O. Irs form 1040ez 2012 Box 8903 Bloomington, IL 61702–8903 Eastern part of U. Irs form 1040ez 2012 S. Irs form 1040ez 2012 and foreign addresses: Eastern Area Distribution Center P. Irs form 1040ez 2012 O. Irs form 1040ez 2012 Box 85074 Richmond, VA 23261–5074 CD-ROM. Irs form 1040ez 2012 You can order IRS Publication 1796, Federal Tax Products on CD-ROM, and obtain: Current tax forms, instructions, and publications. Irs form 1040ez 2012 Prior-year tax forms and instructions. Irs form 1040ez 2012 Popular tax forms that may be filled in electronically, printed out for submission, and saved for recordkeeping. Irs form 1040ez 2012 Internal Revenue Bulletins. Irs form 1040ez 2012 The CD-ROM can be purchased from National Technical Information Service (NTIS) by calling 1–877–233–6767 or on the Internet at www. Irs form 1040ez 2012 irs. Irs form 1040ez 2012 gov. Irs form 1040ez 2012 The first release is available in mid-December and the final release is available in late January. Irs form 1040ez 2012 IRS Publication 3207, Small Business Resource Guide, is an interactive CD-ROM that contains information important to small businesses. Irs form 1040ez 2012 It is available in mid-February. Irs form 1040ez 2012 You can get a free copy by calling 1–800–829–3676 or visiting the IRS web site at www. Irs form 1040ez 2012 irs. Irs form 1040ez 2012 gov. 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