Tax forms

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.

Salary-reduction arrangements can exclude up to $520 each month from a client’s taxable income to cover these expenses.

One strategy for clients to continue their philanthropic work and reduce their bill is to bunch multiple years of donations into one with a donor-advised fund.

The paperwork will be designed like the Form 1040EZ, the shortest federal income tax form.

Despite questions about the hastily cobbled legislation, there's some consensus as to what advisors and their clients can do now to avoid unpleasant surprises.