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.
Because they failed to establish their basis in the property.
(Not keeping good records can be costly.)
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