IRS Issues New Form 1040 for Seniors

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In a new release, IR-2020-24, the IRS reminds senior taxpayers of the availability of a new tax form, Form 1040-SR, U.S. Tax Return for Seniors, featuring larger print and a standard deduction chart making it easier for older Americans to read and use. The alternative form can be used to file the 2019 federal income […]

Impact of New Tax Law on NFPs

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The IRS released IR-2020-23, which provides an outline of the effects of a new tax law passed in December 2019. The Taxpayer Certainty and Disaster Tax Relief Act includes several provisions that may apply to tax-exempt organizations’ current and previous tax years. The changes summarized below are excerpted from the IRS release. Repeal of “parking […]

2020 Payroll Updates and Other Tax Developments

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As you begin the new year, we would like to remind you of a number of important business changes that have been implemented by Congress, the Internal Revenue Service, and other authorities for calendar year 2020. We hope that you will find this information helpful. Please view our 1-20 Payroll Tax Alert for complete information.