Tax forms

The Internal Revenue Service has released a draft version of the Form 1040 for tax year 2020 with several significant changes probably in store for next tax season.

The Internal Revenue Service projects that lower levels of employment in the U.S. could persist for years, showcasing the economic fallout of the coronavirus pandemic.

The service is now letting taxpayers submit Form 1040-X electronically when they want to file an amended tax return through commercial tax software.

The service is implementing a new temporary procedure for faxing the duplicate copy of Form 3115 for companies applying for an automatic change in accounting method.

Simplified 5500 Compliance Reporting Process aims to streamline the reporting requirements for employee benefit plans.

The proposed drafts aim to provide more clarity for partners on how to figure their U.S. income tax liability.

The Internal Revenue Service and the Treasury Department provided guidance to employers requiring them to report the amount of qualified sick and family leave wages they have paid to their employees under the Families First Coronavirus Response Act on Form W-2.

Box 7 on the 1099-MISC is moving to its own form in January 2021, and companies need to be ready.

Top division officials at the agency share updates on their compliance and service priorities.

The Internal Revenue Service told nursing homes and other care facilities Tuesday that they shouldn’t be seizing their residents’ economic impact payments.