Tax forms

How long should tax professionals hold onto the e-file signature authorizations of their clients? It depends on where they and their clients reside.

The Internal Revenue Service posted a set of questions and answers Monday to help companies claim net operating losses and tax credits for prior years so they can get faster tax refunds in the midst of the novel coronavirus pandemic.

The Internal Revenue Service is including a question at the top of Schedule 1 of the Form 1040 this year asking taxpayers whether they received, sold, sent, exchanged or acquired a financial interest in virtual currency in 2019, but most taxpayers won’t have any record from a Form 1099 about their cryptocurrency transactions.

The Internal Revenue Service is now accepting email and digital signatures on tax documents to make it easier for tax professionals and taxpayers to communicate with the agency during the novel coronavirus pandemic.

The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15 because of the novel coronavirus pandemic.

The Internal Revenue Service is giving foreign banks and financial institutions more time to file information about U.S. taxpayers with overseas bank accounts because of the coronavirus pandemic.

One thing they all agree on: It hasn’t cut their workload.

As you’re gathering documents this tax season and preparing personal tax returns, you may come across clients who have employed domestic help in the past year.

Here are some of the significant disclosure items that are either already required, or will be required, for next filing season.

The Internal Revenue Service announced that it is going to let charities and nonprofits electronically apply for tax-exempt status with a newly revised Form 1023, starting later this month.