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My1040ez com Publication 526 - Additional Material Prev  Up  Next   Home   More Online Publications
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IRS Advancing E-file Study Key Messages

*Since the publication of Advancing E-file Study Phase 1 and Phase 2, Congress has enacted a law that requires many tax preparers and tax firms to use IRS e-file for individual, trust and estate returns. Starting January 1, 2011, preparers or their firms that anticipate filing 100 or more returns must use e-file. Starting January 1, 2012, preparers or their firms that anticipate filing 11 or more returns must use e-file.

The Advancing E-file Study Phase 1 Report
The Advancing E-file Study Phase 1 Report reflects a major effort to synthesize and analyze all substantial data on the IRS e-file program in one document to help the IRS validate and launch future studies, research, and other activities to meet the goal set by Congress that 80% of individual Federal income tax returns be filed electronically.

Key Findings from the Phase 1 report included:

  • There is no silver bullet. An advancing e-file strategy must take into consideration many complex factors, and there is no quick fix or any single option approach for the IRS to convert remaining paper filers.
  • The IRS cannot meet the goal without help. The multifaceted landscape of the US tax system requires that the IRS rely on strong partnerships with third party partners, stakeholders, and Congress to advance e-file.
  • Technology is secondary to motivating behavior. Even the most innovative technology will not help the IRS achieve the 80% e-file goal unless it is grounded in a thorough understanding of the intricacies of filer behavior — their motivators, concerns, and relative positions on the technology adoption curve.

IRS Advancing e-File Study Phase 1 Executive Summary

IRS Advancing e-File Study Phase 1 Report

The Advancing E-file Study Phase 2 Report
With the Advancing E-file Study Phase 2 Report, the IRS has taken the second step toward defining a strategy and set of options to achieve the 80% e-file goal.

Key findings from the Phase 2 report include:

  • Few of the AES2 Options will produce a significant gain in e-file adoption.
  • Substantial investments in technology, management, and organizational capability are required for the IRS to assume new roles in tax preparation and submission.
  • Efforts to advance e-file must consider the entire tax return preparation and submission experience and evaluate changes in the tax landscape.

IRS Advancing e-File Study Phase 2 Executive Summary

IRS Advancing e-File Study Phase 2 Report

Page Last Reviewed or Updated: 30-Sep-2013

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My1040ez com 9. My1040ez com   Figuring Net Profit or Loss Table of Contents Introduction Net Operating Losses (NOLs) Not-for-Profit Activities Introduction After figuring your business income and expenses, you are ready to figure the net profit or net loss from your business. My1040ez com You do this by subtracting business expenses from business income. My1040ez com If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. My1040ez com If your expenses are more than your income, the difference is a net loss. My1040ez com You usually can deduct it from gross income on page 1 of Form 1040. My1040ez com But in some situations your loss is limited. My1040ez com This chapter briefly explains two of those situations. My1040ez com Other situations that may limit your loss are explained in the Instructions for Schedule C, line G and line 32. My1040ez com If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C. My1040ez com Net Operating Losses (NOLs) If your deductions for the year are more than your income for the year (line 41 of your Form 1040 is a negative number), you may have a net operating loss (NOL). My1040ez com You can use an NOL by deducting it from your income in another year or years. My1040ez com Examples of typical losses that may produce an NOL include, but are not limited to, losses incurred from the following. My1040ez com Your trade or business. My1040ez com Your work as an employee (unreimbursed employee business expenses). My1040ez com A casualty or theft. My1040ez com Moving expenses. My1040ez com Rental property. My1040ez com A loss from operating a business is the most common reason for an NOL. My1040ez com For details about NOLs, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. My1040ez com It explains how to figure an NOL, when to use it, how to claim an NOL deduction, and how to figure an NOL carryover. My1040ez com Not-for-Profit Activities If you do not carry on your business to make a profit, there is a limit on the deductions you can take. My1040ez com You cannot use a loss from the activity to offset other income. My1040ez com Activities you do as a hobby, or mainly for sport or recreation, come under this limit. My1040ez com For details about not-for-profit activities, see chapter 1 in Publication 535, Business Expenses. My1040ez com That chapter explains how to determine whether your activity is carried on to make a profit and how to figure the amount of loss you can deduct. My1040ez com Prev  Up  Next   Home   More Online Publications