2020 IRS TAX UPDATES

Form 1099-NEC The 1099-NEC disappeared in the early '80s, and after a 38 absence is making a disco comeback! This form will be used to report non-employee compensation in box 1, meaning that nonemployee compensation will no longer be reported on Form 1099-MISC. Form 1099-NEC will need to be entered...

1099-NEC, NONEMPLOYEE COMPENSATION

Introducing New From 1099-NEC is used by payers to report payments of $600 or more made in the course of a trade or business to others for services. Prior to the creation of this form, these payments were reported in box 7 on Form 1099-MISC. Payers must provide a copy...

11/21/2020 E-FILE SHUTDOWN

IRS QUICK ALERT: CUTOVER 1040 MODERNIZED E-FILE (MEF) PRODUCTION SHUTDOWN AND CUTOVER The IRS announced that E-file will “shutdown” will begin on Saturday, November 21, 2020, at 11:59 p.m. Eastern time, in order to prepare the system for the upcoming Tax Year 2020 Filing Season. Click Here to read the full...

E-FILE AMENDED RETURNS (1040-X)

Now you can E-file 1040-X. This is a major milestone in tax administration, the Internal Revenue Service announced today that taxpayers can now submit Form 1040-X electronically. This will help Taxpayers correct tax returns with ease and speed up processing tremendously. E-filing as a whole has consistently grown each year...

PTIN FEES ARE BACK 😮

The IRS set $21 fee per PTIN application or renewal (plus $14.95 fee payable to contractor) The Internal Revenue Service announced today the annual fee for 2021. Tax return preparers will have to pay to obtain or renew their Preparer Tax Identification Number (PTIN) for the 2021 tax season. Anyone...