Irs Form 11652 PDF Details

The IRS Form 11652 emerges as a critical document for individuals navigating the complexities of reporting Profit or Loss from Business on Schedule C of their tax return. Designed to assure accurate reporting, the form acts as a questionnaire complemented by a request for supporting documentation, ensuring taxpayers provide comprehensive proof of their business income and expenses. Incorporated within the heart of this process is the necessity for meticulous record-keeping, mandated by law, to substantiate the figures entered on Schedule C. Taxpayers are prompted to describe their business, disclose advertising practices, and present relevant documentation such as business licenses, tax returns, and forms that detail the nature of the income received. Furthermore, to substantiate business expenses, the form requisitions a variety of supporting evidence ranging from invoices and receipts to contracts and bank statements. This exhaustive approach is aimed at facilitating the examination of returns and the precise determination of tax liabilities, emphasizing the critical role of complete and accurate submission in avoiding delays. Accessible resources, including IRS Publication 334 and Publication 583, provide additional guidance on small business taxation and record-keeping practices, offering valuable insights for those seeking to navigate the intricacies of business-related tax filings.

QuestionAnswer
Form NameIrs Form 11652
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesirs questionnaire 1040 printable, irs fax number to fax documents, form 11652, 11652 form

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Form 11652

(January 2021)

Department of the Treasury - Internal Revenue Service

Questionnaire and Supporting Documentation

Form 1040 Schedule C (Profit or Loss from Business)

This questionnaire lists the types of records you need to send us to prove your Schedule C income and expenses. The law requires you to keep adequate records to complete your Schedule C. Please review each line of this questionnaire and answer every question. Return the questionnaire along with copies of your supporting documents.

Note: Failure to complete all parts of this questionnaire and submit the supporting documentation can delay the examination of your return and the final determination of your tax liability.

Name

Business address

Social Security Number

Year business started

Telephone Number

Business website (if applicable)

1.Provide a description of your business (type of work, product sold, service provided, hours of operation, where business is conducted, etc.)

2.Provide a copy of your business license or permit if applicable

3.How do you advertise your business? If you pay for advertisement, submit copies of receipts or other proof of payment

4. Did you file state or local sales tax returns for the year

Yes (provide copies)

No

Not applicable

5. Did you receive Forms 1099-MISC, 1099-NEC or 1099-K for the income reported

Yes (provide copies)

No

6.Provide copies of records to support the business income reported for any income you received not included on a Form 1099. Check all boxes that apply (below references are intended to be illustrative and don’t constitute government endorsement of any private product, service, entity, or enterprise)

Business/Personal bank account statements with business income highlighted

Accounting records (e.g., QuickBooks, Peachtree)

Electronic payment records (e.g., Apple Pay, PayPal, Zelle, Cash App)

Logbooks/Ledgers

Invoices/Receipts issued to customers for goods and services

Other

7.Provide copies of records to support the business expenses reported. Check all boxes that apply (below references are intended to be illustrative and don’t constitute government endorsement of any private product, service, entity, or enterprise)

Invoices/Receipts received from suppliers for goods and services purchased

Rental Contracts

Business insurance contracts

Electronic payment records (e.g., Apple Pay, PayPal, Zelle, Cash App) with expenses highlighted

Mileage log and receipts for actual car/truck expenses

Bank/Credit card statements with expenses highlighted

Other

Information about Schedule C can be found in IRS Publication 334, Tax Guide for Small Business, and Publication 583, Starting a Business and Keeping Records. These publications can be downloaded from www.irs.gov/forms or can be requested by calling 800-TAX-FORM (800-829-3676).

For Paperwork Reduction Act Notice, see the Schedule C Instructions.

Catalog Number 25988D

www.irs.gov

Form 11652 (Rev. 1-2021)

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documentation internal revenue form writing process described (step 1)

2. Once your current task is complete, take the next step – fill out all of these fields - Did you receive Forms MISC NEC or, Yes provide copies, Provide copies of records to, BusinessPersonal bank account, Accounting records eg QuickBooks, Electronic payment records eg, LogbooksLedgers, InvoicesReceipts issued to, Other, Provide copies of records to, illustrative and dont constitute, InvoicesReceipts received from, Rental Contracts, Business insurance contracts, and Electronic payment records eg with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

documentation internal revenue form completion process described (stage 2)

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