The IRS has been very busy creating new forms and altering old ones. For Tax Year 2011 the IRS has eliminated Cost of Goods Sold from the 1120S, you will not find it on page 2 under Schedule A. I am sighting this example since more of my business clients are S-Corps.
They have created a new form to be filed with business returns for 1120, 1120S, 1120C, 1120F and 1065B’s…
Apparently your returns were either too complicated or too simple, and the IRS felt that they needed to shake thing up. The new form captures essentially the same material as the old.
I can’t wait to see what new changes are in store for us within the next 5 months!!!