Tax forms

Millions more taxpayers will be receiving the Form 1099-K in the mail this year for the first time if they were paid $5,000 or more last year.

There's a new method of counting defined contribution retirement plan participants that can make a big difference for clients.

The Internal Revenue Service has revised the question it has asked in recent years about income from digital assets such as cryptocurrency on the Form 1040 for individual taxpayers this tax season and added it for the first time to tax forms for estates, trusts, partnerships and C and S corporations.

The service will postpone the lower threshold, but will phase in a threshold of $5,000 for tax year 2024.

Thanks to the lower threshold, the service expects to receive about 44 million 1099-Ks in 2024, up from about 14 million.

The service unveiled a long-awaited online portal where businesses will be able to file their 1099 information returns for free.

Tax pros who have begun working on their clients' returns are encountering a slight change in wording at the top of Form 1040.

While after-tax funds in employer-sponsored plans are tracked by plan administrators, clients are on their own with traditional IRAs, Jeffrey Levine writes.

The agency finalized plans to stop the temporary procedures for Forms 1045 and 1139.

The agency began digging into the massive tax law addressing issues that needed immediate clarification.

Though notorious for being complex, they can be incredibly helpful in the hands of tax professionals who know how to use them.

Several significant changes are probably in store for next tax season.

The agency is encouraging taxpayers who have received but not yet responded to a CP-14 notice to promptly do so.

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.

Retirement savers stand to gain more by investing their money instead of taking an interest-free reimbursement.

Deferred taxation on these retirement products, in part, depends on how their distributions are made.

Clients who have yet to make withholding adjustments to cover their tax liability still have time to avoid the extra burden.

Overall donations to charity organizations fell by 1.7%, while total individual giving decreased by 1.1%, the first drop since 2013.

The agency is asking taxpayers to account for multiple jobs within a household and to factor in the $2,000 child tax credit for each kid under 17.

The impact of the 35-day partial government shutdown could delay the process this year.