The redesign didn't reduce the information taxpayers need to report to the IRS — it simply moved some less common lines off of the main Form 1040 and onto a new set of schedules. Initially, there were six new schedules, but the IRS has since consolidated these down to three: Schedule...
The IRS Form 1040 is one of the official documents that U.S. taxpayers can use to file their annual income tax return. IRS Form 1040 comes in a few variations. There have been a few recent changes to the federal form 1040. We’ll review the differences a
Keep in mind thatthe IRS will not email you a transcript; you must go online and create or log in to your account and download it. There areemail scams out therethat entice folks to click on a link or attachment with the promise of an IRS Online transcript – don’t fall prey. “Ho...
Installment Agreements –The Fresh Start Initiative now makes it easier for delinquent taxpayers to set up repayment options in an installment agreement. Taxpayers can obtain installment agreements for up to 72 months online for up to $50,000 of debt without providing a financial statement. Installme...
This is not a loan. While the ERTC was created in the CARES act along with the PPP Loans - this is not a loan, there is no repayment. There are no restrictions for what recipients of the credit must use the funds. Up to $26,000 Per w-2 Employee ...
Another type of solution, an installment agreement, is perfect for business owners who can’t pay the required sum for the debt but can afford to pay monthly. Short- and long-term plans make it simpler to schedule the amount for tax repayment to avoid straining the normal business cash flo...
Chapter 7 or Chapter 13:Individuals typically file for bankruptcy under either Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. Chapter 7 bankruptcy involves the liquidation of assets to repay debts, while Chapter 13 bankruptcy allows you to create a repayment plan over a specified period ...
The IRS released a draft of the2018 1040 tax formbased on the Tax Cuts and Jobs Act. The shorter form is half the size of the current 1040 form and combines all three current 1040 forms (1040, 1040-A, and 1040-EZ) into one 1040 form. This new 1040 Form uses a “building block”...
Relief, and Economic Security Act (“CARES Act”) from December 31, 2022 to December 31, 2025, but the extension did not apply for certain CARES Act provisions, including: penalty-free coronavirus-related distributions, increasing the permissible loan amount, and delaying repayment of loan amount...
Installment agreements provide taxpayers with the flexibility to pay their tax debt in manageable monthly payments over a period. The amount of the monthly payment and the length of the repayment period will be based on your financial situation, allowing for a more personalized payment plan. ...