If I just summarize stock sales on Schedule D, rather than attach a detailed schedule to a paper return or to an 8453, what is the worst that can happen?!?!?
See original discussion at http://www.taxalmanac.org/index.php/Discussion:If_I_just_summarize_stock_sales_on_Schedule_D%2C_rather_than_attach_a_detailed_schedule_to_a_paper_return_or_to_an_8453%2C_what_is_the_worst_that_can_happen%3F%21%3F%21%3F
I mean really, what would the IRS do? If they want a detailed schedule, let them send my client a CP2000 and ask for one, and then I will send it to them. I have been summarizing stock sales for my clients on Schedule D for 5 years now, and have never heard a peep out of the IRS.
Does anyone know what the penalty for not doing it the way the IRS wants me to do it is?
I really don't see the logic as to why they are making a fuss out of this all of a sudden. If I am going to have my client send an 8453 with a detailed schedule of stock sales, why e-file at all? May as well just send in a paper return.
It is this kind of thing that makes this business so frustrating some times!
( Asked 03/08/07 05:21 AM in TaxAlmanac, Views by community 37 )