July 26, 2018
The Internal Revenue Service and the Treasury Department unveiled a draft version of the postcard-size Form 1040 that was promised from last year’s tax reform effort. For the 2019 tax season, the shorter Form 1040 will replace current Forms 1040, 1040A and 1040EZ so that all 150 million taxpayers can use the same form. The new form uses a “building block” approach, in which the tax return is reduced to a simple form and supplemented with additional schedules if needed. Taxpayers with straightforward tax situations will only need to file this new 1040 with no additional schedules.
Padgett was represented by Roger Harris, COO, on a call with the IRS Commissioner as he explained the new form and solicited feedback. The IRS plans to continue working with the professional tax community to finalize the streamlined Form 1040 over the summer. Stay tuned as we update you on this new tax filing opportunity!
Padgett of West Virginia is committed to helping you navigate the financial and compliance waters of running a small business, contact us today for more information on how we can help you plan for your dreams.