Tax forms

There's a new method of counting defined contribution retirement plan participants that can make a big difference for clients.

The Internal Revenue Service has revised the question it has asked in recent years about income from digital assets such as cryptocurrency on the Form 1040 for individual taxpayers this tax season and added it for the first time to tax forms for estates, trusts, partnerships and C and S corporations.

The service will postpone the lower threshold, but will phase in a threshold of $5,000 for tax year 2024.

Thanks to the lower threshold, the service expects to receive about 44 million 1099-Ks in 2024, up from about 14 million.

The service unveiled a long-awaited online portal where businesses will be able to file their 1099 information returns for free.

Tax pros who have begun working on their clients' returns are encountering a slight change in wording at the top of Form 1040.

While after-tax funds in employer-sponsored plans are tracked by plan administrators, clients are on their own with traditional IRAs, Jeffrey Levine writes.

The agency finalized plans to stop the temporary procedures for Forms 1045 and 1139.

The agency began digging into the massive tax law addressing issues that needed immediate clarification.

Though notorious for being complex, they can be incredibly helpful in the hands of tax professionals who know how to use them.