The IRS has announced that taxpayers can now file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. This form is used to amend various versions of Form 1040. Making the 1040-X an electronically filed...
Are you still waiting for your federal income tax return refund? You’re not alone. According to a Dec. 1 notice from the IRS: “While, as of November 24, 2020, we had 7.1 million unprocessed individual tax returns and 2.3 million unprocessed business...
Box 1 of Form W-2 shows the employee’s total compensation that is subject to taxation for the year. Per an article published by Forbes, “This tends to be the number most taxpayers care about the most.” Consequently, there’s no room for error....
The IRS has introduced a new Form 1099-NEC, Nonemployee Compensation. It’s a sibling to Form 1099-MISC and replaces it for certain purposes. You must file it for each person in the course of your business to whom you have paid at least $600 during the year for...
