The official version is due out this week. NYT appears to have received advance copies: https://www.nytimes.com/2018/06/25/y...-postcard.html
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>> The new form omits a variety of popular deductions, including those for student loan interest and teaching supplies, forcing taxpayers to search for them — and tally them up — on one of six accompanying worksheets.
IMHO this will cause some of the self-preparers to either forego that deduction or seek out professional help. I think it presents us with an opportunity to market our services. Anytime there is confusion, who do you call?? (Not Ghost Busters!)Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR -
According to the article, 1040EZ and 1040A will be eliminated. You could report unemployment on EZ, but now it will need to be on a separate schedule.Comment
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I think it was a con job! If taxpayers have to use numerous schedules and worksheets it is really not a "Post Card Sized" return IMHOOriginally posted by kathyc2 View PostTaxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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So, are you saying it's a political stunt? LOL! The office supply company is going to be happy with all the extra paper we'll have to buy.Originally posted by ATSMAN View Post
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Thank goodness! I ceased using those forms years ago to avoid confusion switching from 1040. I have a client who decided to file an EZ for his college-age daughter, and screwed it all up. We are awaiting the amended return to process so we can file the parents' return. It's been 13 weeks......Originally posted by kathyc2 View PostComment
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Why on earth? Paper file parents return & they would have received their money by now.Originally posted by Burke View Post
ChrisComment
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Yes and people fell for it! Over the years I have reduced my paper usage by e-filing 99% of returns and promoting pdf of client copy instead of a hard copy. Paper prices are going through the roof (Avg for a case of 10 ream copy paper is around $35 now).Originally posted by kathyc2 View PostSo, are you saying it's a political stunt? LOL! The office supply company is going to be happy with all the extra paper we'll have to buy.
I am very interested in the Feedback we give to IRS after the draft is released for public comment.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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I have some clients that go over returns with a fine tooth comb. IN has a schedule that includes date of death. They have it so that it looks like the year (which is filled in) is computer generated rather than part of the form. Every year I have a couple people call and ask why I said they died. I anticipate many calls asking where (or thinking I missed) something is even though I go over return line by line at pick-up.Comment
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Who said the parents were waiting for a refund?Originally posted by spanel View Post
As to the larger topic, it's hardly newsworthy. The 1040A should have been eliminated a long time ago (California did so with its equivalent 540A form). And most taxpayers who self prepare with TurboTax or H&R Block probably never look at their actual tax return anyway, since the process does not require it. They just look at the summary and refund/balance due screen, and that's it."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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I have my procedures for entry and review so down pat, they are almost reflex. I'm guessing the new forms will add 10-30% more time for me for the first year or two.Comment
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I think we all got used to the good old 1040 form over the years that we knew where things went on the form. I think once the new form is finalized it is incumbent upon all of us to study it good and do a few practice returns before the start of the season. My software should be available by Christmas so I am planning on spending some time before the season starts to get used to it.Originally posted by kathyc2 View PostTaxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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I really don't like to go over each and every line on the return with the client. It takes up too much time. I have a few clients who like to review the return in detail so I print their copy, hand them out and let them ask me the questions.
I do print the comparison with the previous year that is summarized and I go over that with each client, unless they are in a rush and don't want me reviewing that. I do like to point out the changes from the previous year, especially when there in a change in the family situation, jobs etc.
Folks who prefer to get a pdf of their return, will generally e-mail me their questions or call if they see something that is pressing.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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The more I think about this, the stupider it seems. Something like 9% of returns are paper filed. Guessing a lot of them will give it up if the forms are so significantly different than they are used to.
It Trump wants his stupid "postcard" tax return, make this 1040-DJT since he likes having his name on everything, and let the rest of us keep using the forms we know.Comment
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Which makes it worse if they owe!! Unless they have already paid what they owe.Originally posted by Rapid Robert View Post
ChrisComment
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