Note the following lines:
10b Charitable Contribution, Max $300 Cares Act.
30 Stimulus Check reconciliation. Instructions to be released. I am assuming an additional worksheet will also be required.
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Note the following lines:
10b Charitable Contribution, Max $300 Cares Act.
30 Stimulus Check reconciliation. Instructions to be released. I am assuming an additional worksheet will also be required.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR -
Did you notice that the draft 1040-SR is now a four page form? Simplification indeed -
As soon as IRS (or was it Congress) announced that they were redesigning a post card sized tax return without underlying changes to the tax reporting system, I knew they were blowing smoke up you know where!!!Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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Atsman : As I understand this, very few taxpayers (if any) will be negatively affected by the reconciliation, but there could be some that get a larger credit than was initially provided.
Think this is correct ? RWG1950Comment
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A couple of the lines they added will help in reviewing returns. The non-refundable credit amount actually shows on 1040. That alone will cut down on my swearing. I also like the separate line for W/H from W-2 and 1099's.
I'm not happy that for 2021 the box 7 of 1099-misc will receive it's own form. The least they can do is allow it to be plain paper rather than the red drop.Comment
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The Form 1099-NEC is not new, it existed in the distant past and was made inactive for a number of years, now it's back. (EDIT: you mean 2020, not 2021)
The motivation is the filing deadline. Under current law, with 2019 1099-MISC you had different filing deadlines depending on which box(es) were filled in. Now you have a much more straight-forward set-up to determine filing deadline for 1099-NEC and 1099-MISC.
"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe HowardComment
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The one on IRS draft forms is 2021, but I see Box 7 is also not on 1099misc for 2020. I don't care so much that they have a new form as that they still are the red drop forms. I was thinking when W-2's were allowed on plain paper, it was said that 1099's would follow suit shortly.
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LOL. Yeah, I'm quite frugal too.
For my circumstances I've gotten to the point that that ease of doing things is worth the fairly low cost (much of the information carries over from year to year). And that extra cost is passed on to the clients.Comment
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E-filing saves me time which gives me time to make more money.Comment
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I don't see how hitting the print button takes any longer than hitting the e-file button.
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Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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