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Because of the new forms and other changes for 2012, we will be releasing a new major update to TradeLog – TradeLog 8.6. This update is necessary in order to file 2011 taxes with TradeLog!
The release of TradeLog 8.6 is expected around the end of January 2012.
Here is a sneak peek at what is to come, a full list of release notes will be posted upon release:
Our development team has been working hard at some major overhauls ‘under the hood’ to make TradeLog more efficient and to allow better support of various Windows features. This also gives us a better platform for future developments! Expect TradeLog to perform better with various regional settings and display settings in Windows 7. Many other improvements in this overhaul you may not notice – which is good, because the goal is for TradeLog to be more robust with current operating environments!
You will notice new features that improve your user experience of TradeLog: a new Welcome screen which helps you open and use TradeLog more quickly. Improved Quick Start panel to guide you through key steps in TradeLog, as well as other expanded support features built into the program. Some new functions will also help you better complete important steps in TradeLog such as entering baseline positions.
And of course as we mentioned updates to IRS forms will be included in this major update. For tax years 2011 and beyond, Form 8949 will be available in the software. For tax years prior to 2011 you can still generate Schedule D-1. There are some less noticeable adjustment from the IRS in how some situations are calculated and reported, these also will be included.
We have been working on updates for several months but have been awaiting final guidance from the IRS on new forms – which did not come until the end of 2011! In fact, Publication 550 (the main publication directing how capital gains/losses are reported) was not published until January 7, 2012! Now that we have the official guidance we can safely finalize TradeLog updates and test thoroughly before releasing.
You should not file your 2011 taxes until you have received your broker’s Form 1099b – this is more important this year as some information on the 1099b will determine how you report form 8949. Brokers have until February 15th to release their 1099b reporting. We will have TradeLog ready for filing by that time also!
We strongly recommend that users keep their TradeLog software subscription active and up-to-date. You should go ahead and download your 2011 data (as well as January 2012 unless you are MTM), this way your data is current and you will be able to file once the update is released. Also, you can verify open positions as of the end of 2011 – step 4 of the Quick Start Guide. Adjustments for corporate actions, and option exercise and expiration actions can be made as well.
Remember: current subscribers of TradeLog receive all updates for free with their active subscription! So make sure your subscription is active and watch your inbox later in January for notice of this release!