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 […]

IRS Releases Draft of Simpler 2019 Tax Return for Seniors

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The tax changes generated by the Tax Cuts and Jobs Act (TCJA) and the resultant “simplified” Form 1040 was highly touted by the Trump administration and Republican-controlled Congress as a way to reduce complexity in complying with the tax laws. As a result of the simplification provisions, it was decided that Form 1040-EZ, a shorter […]

IRS Releases Draft Instructions for 2018 Form 1040

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With simplicity seemingly in the eyes of the beholder, the Internal Revenue Service (IRS) released the 100+ pages of Draft Instructions for the 2018 Form 1040, U.S. Individual Income Tax Return. The IRS released a draft of the 2018 Form 1040 and six accompanying schedules in June. The instructions note that the IRS generally does not […]

IRS Releases “Draft” Form 1040

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The IRS recently released a “draft” form of the 2018 federal Form 1040. The newly proposed “postcard” form has just 23 lines, cut down from 79 lines on the 2017 Form 1040. In conjunction with the attempt at simplification, the Forms 1040A and 1040EZ have also been eliminated. However, most of the available deductions and […]

Changes for Section 83(b) Election Requirements

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Providing stock or other equity capital interests in the employer’s capital is a common element of executive compensation. Most often, the shares are issued at a discount from fair market value or at no cost for the employee. In these cases, the bargain element is subject to federal taxation as ordinary compensation. If the shares […]