Tax Talk: 1040 changes, new deductions, and more

2020 Form 1040: Schedules 1, 2, and 3

Currently used for 1040 and 1040-SR, the Schedules will also be used for 1040-NR.

(1040-SR tax return for Seniors

1040-NR tax return for Nonresident Alien)

Another notable change for 2020:

$300 ‘above-the-line’ charitable deduction.

(That means you can deduct the $300 even if you don’t itemize deductions.)

IRS Enforcement Activities – IRS employees are instructed to “approach with caution”

Given the hardship many taxpayers are going through (including and not limited to personal and business monetary loss) IRS employees are instructed to use an approaching method that is both sensitive and sensible.

IRS Criminal Investigation, DOJ, FBI and Department of Homeland Security

A coordinated inter-agency operation resulted in dismantling terrorist cryptocurrency fund-raising campaigns.

And millions of dollars seized.

Tax Court Files:

Loss form sale of property (used in trade/business) not deductible

The Tax Court ruled that taxpayer could no deduct a loss from their sale of real property.

Why?

Because they failed to establish their basis in the property.

(Not keeping good records can be costly.)

Mariana Fieraru

Mariana Fieraru, an Eastern European transplant, fell in love with her new home shortly after landing in New York. She "discovered" pizza! Years later she still loves pizza. And so do her two feathered-kids, Sunny and Flipper

Mariana worked on both, the east and the west coast.
Big or small, each project she worked on helped define the importance of gaining and sustaining a competitive edge in an increasingly complex business environment.

Business know-how, love of teaching and writing – all combined in 2006 to form OBI.
Its mission: to make learning fun! And easy.

Through its training, consulting, and publications OBI builds bridges of knowledge to take you from where you are to
where you want to go. Using a mix of serious, informal, analytical, and optimistic approach, OBI truly makes learning fun.

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