Fix Tax Return’s ‘Virtual Currency’ Definition, Accountants Urge IRS
Instructions in a recent draft update to Form 1040 are inconsistent with how IRS guidance defines “virtual currency” and should …
Practice Alert: Timing of 2020 Form 1040 Filing to Maximize Economic Impact Payments
The American Rescue Plan Act of 2021, which is expected to become law this month, contains a third Economic Impact …
Draft Form 1040 Instructions Updated for CAA, 2021, Virtual Currency
The IRS has released a new draft of the instructions for Form 1040 and Form 1040-SR, U.S. Tax Return for …
IRS Discontinues Schedule C-EZ and Other Forms for 2019
IRS has announced that, for 2019, it will not be issuing certain forms that it issued in 2018. The obsolete …
Draft Instructions for 2018 Form 1040 released by IRS
IRS has released the Draft Instructions for the 2018 Form 1040. The new draft version of the 2018 Form 1040 …
2018 draft Form 1040 reduced to “postcard” size but requires more schedules
The new draft version of the 2018 Form 1040, obtained by Thomson Reuters Checkpoint from congressional staff, is markedly different …
The 2018 Bipartisan Budget Act’s retroactive provisions and the current filing season
The Bipartisan Budget Act of 2018 (BBA), which was enacted after IRS issued final versions of 2017 tax forms, made …
FBARs due Apr. 17, 2018, but filers who miss deadline get automatic 6-month extension
The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, has posted a clarification to its website regarding …
What’s New on the 2017 draft Form 1040 and related forms and schedules–Part II
IRS has released on its website a number of draft tax forms and instructions for the 2017 tax year, including …
What’s New on the 2017 draft Form 1040 and related forms and schedules–Part I
IRS has released on its website a number of draft tax forms and instructions for the 2017 tax year, including …