New Forms for Cost of Goods Sold and Officer Compensation

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When filing their 2011 tax returns, businesses taxed as corporations or partnerships will notice two new forms attached to their returns.  The IRS has moved the reporting of Cost of Goods Sold to a new Form 1125-A.  Likewise the reporting of officers compensation will be moved to Form 1125-E.  These forms will be attached to either corporate Form 1120 or partnership Form 1065.

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