Tuesday, October 1, 2019
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* Kelly Phillips Erb, the FORBES.COM TaxGirl, tells us “IRS Releases Updated Version Of Tax Form Just For Seniors”.
KPE says the updated 1040-SR has “larger print and less fussy boxes”.
The IRS also issued an updated version of the 2019 Form 1040 – both new drafts were released on 9/11. The content of the new draft 2019 1040-SR and 2019 1040 are exactly the same – line for line and word for word. The only difference is that the 1040-SR has substantially bigger print and includes a Standard Deduction Chart.
The 1040 is now a 2-sided form that is 2/3 of a full 8½ x 11 sheet, instead of a ½ a full sheet like the ridiculous 2018 “postcard” 1040. The 1040-SR is a 2-sided form that takes up an entire 8 ½ x 11 sheet – although Page 2 does not fill up the entire sheet. The format is clearly much better than the 2018 Form 1040, with a more logical flow of information.
I do believe I said the exact same thing about the original draft versions of these 2 forms.
What is the reason for a 1040-SR – other than it was mandated by Congress. If you ask me the 2019 1040-SR format should be the 2019 Form 1040 and used by all.
* And KPE reports on a report with some good news – “IRS Report: Most Taxpayers Pay Their Taxes In Full And On Time”.
“A report released by the Internal Revenue Service (IRS) indicates that the nation's tax compliance rate is holding at 84%, the same as in prior years.”
* Staying with FORBES.COM tax bloggers, Tony Nitti moves on to “Joe Biden” in his “Reviewing The Democratic Candidates' Tax Plans” series.
* The TAX FOUNDATION answers another question – “Does Your State Have an Individual Alternative Minimum Tax?”
Very few do. NJ, PA and NJ do not.