Tax season will officially open on January 23, 2023. Now is a good time to start getting organized. The first step for many taxpayers? Finding those tax forms. If you don’t have have your tax forms in hand just yet, keep checking the mail: Employers are supposed to provide employees with Forms W-2 and other…
Looking for your tax forms? Keep checking the mail: Employers are supposed to provide employees with Forms W-2 and other wage statements by February 1 in 2021. The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) that was enacted on December 18, 2015, made several changes to the way we file taxes. Now, employers file…
The Internal Revenue Service (IRS) has released the very-probably-unless-Congress-does-something-soon final version of Form 1040, U.S. Individual Income Tax Return for 2020 (downloads as a PDF). There are several notable changes to the form proposed for the tax year 2020 – the tax return that you’ll file in 2021. Page One Identifying information. There are no real changes…
Employers must file Form W-2 and other wage statements by February 1 in 2021 to avoid penalties. The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) that was enacted on December 18, 2015, made several changes to the way we file taxes. Now, employers file copies of Form W-2, Wage and Tax Statements, and Form…
The Internal Revenue Service (IRS) has issued final regulations relating to section 1031 like-kind exchanges. 1031 Like-Kind Requirements We call them 1031 like-kind exchanges because the rules are found at section 1031 of the Tax Code (clever, I know). The provision allows you to defer tax on gain if – and it’s a big if…
Last year, the Internal Revenue Service introduced a draft version of a form that we haven’t seen since 1982: Form 1099-NEC, Nonemployee Compensation. Form 1099-NEC is intended to replace the nonemployee compensation part of a form many of us have come to know and love: Form 1099-MISC, Miscellaneous Income. Form 1099-MISC is sticking around for…
The Internal Revenue Service (IRS) has announced that it will allow the use of E-signatures on certain tax forms that cannot be filed electronically. This is a temporary move intended to reduce in-person contact and lessen the risk to taxpayers and tax professionals during COVID. What does that mean? Well, some forms, like Form 1040,…
The Internal Revenue Service (IRS) has released a draft of Form 1040, U.S. Individual Income Tax Return. There are several notable changes to the form proposed for the tax year 2020 – the tax return that you’ll file in 2021. And… postcard-sized, it’s not. Let’s dive right in. Virtual currency. At first blush, the top of the return…
After weeks of waiting, tax professionals and taxpayers finally got the word from the Internal Revenue Service (IRS): amended returns can now be electronically filed. In May, the IRS had given notice that later this summer, taxpayers would be able to file Form 1040-X, Amended U.S Individual Income Tax Return electronically. Before this year, you could only amend your…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. V is for Voluntary Withholding. You already know that if you expect to owe tax at tax time, you…
