The IRS Makes Important Announcement

The IRS recently made an important new announcement, one that took many people by surprise. It announced that it is currently working on some changes to the popular 1040 tax forms. The goal of the changes, according to the IRS, is to simplify the form to allow all taxpayers to use the same one.

One change taxpayers can expect to see is a change in the size of the tax form. Now, it will be no bigger than a postcard.   

Plus, some forms will be going away altogether. This includes Form 1040EZ and 1040A.

While people have all kinds of different feelings about these changes, they’re surprising to all. This is the first time in decades that the 1040 forms have changed at all. Many tax services, as a result, are scrambling around, working with the IRS to get everything up to date for next year’s tax season and the new form.

When to Use the New Form

Taxpayers are doing some “scrambling” of their own. They’re all wondering if they’ll be able to use the new form. Generally, though, anyone who has a basic tax situation and can claim the standard deduction will be able to use the new Form 1040.

Those who have itemized deductions can include them on Schedule A just as they did before.

The Value of an Accountant

For special tax situations, however, or if you find yourself feeling confused about the new forms and whether or not you should be using them, don’t hesitate to speak with a professional accountant. These experts understand the new tax laws and changes and will be able to guide you in the right direction.

Keep in mind too that tax changes pop up all the time and having a qualified accountant on your side can ensure that you are always prepared to face any change.