Tax return preparers who are waiting for the 2001 versions of IRS tax forms, will have to wait a bit longer, the IRS has announced.
Volume 2 of Package X, Reference Copies of Federal Tax Forms and Instructions, and Volume 2 of Publication 1132, Reproducible Tax Forms and Instructions, were scheduled to start shipping on December 31 and complete shipping by January 11. A revised shipping schedule has not yet been released by the IRS.
The delay in shipping is due to late legislation that affected some of the business tax forms, notably forms 1065, 1041, and 1120, and related schedules.
In addition, tax return preparers should be aware of an error on the originally published Instructions for Schedule J which appear in Volume 1 of both Package X and Publication 1132. The instructions show an amount of $6,557.50 in Schedule Y-1 which appears on page J-7 of the instructions. The amount should actually be 6,577.50. Corrected instructions for Schedule J as well as the Schedule J itself will be included with Volume 2 of both Package X and Publication 1132.
If you are a tax return preparer and are not currently on the IRS mailing list to receive Package X, you can download and submit Form 3975, Tax Professionals Annual Mailing List Application and Order Blank. Publication 1132 may be ordered by calling the IRS at 1-800-TAX-FORM.