Drake Software blog for tax pros, covering tax, IRS news, and more

Preparer Issue: Adapting to Form 8949

Preparer Issue: Adapting to Form 8949

One of the main issues of this tax season was the new requirement regarding 1099-B reporting for brokerage transactions and the new tax form 8949. There are several issues with form 8949, but many preparers are finding that the lack of specific reporting requirements for 1099-B is proving to be extremely time-consuming on the preparer end of things. Taxpayers and preparers alike have struggled with trying to reconcile 1099-B with accurate Form 8949 calculations, which proved to be no easy task.…

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