Getting Ready for Tax Season: New IRS Forms and Compliance Requirements (NFCR)

Karen E. Davis, EA, Lance G. Weiss, CPA, CVA, Julie A. Welch, CPA, PFS, CFP, Michael J. Tucker, JD, CPA (moderator)
  • 3
  • Basic
  • Taxes

Individual course: $99
Best Value: All-Star Tax Season Pass
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Each year the IRS changes its forms, and the new information and disclosures required by these changes can cause additional time to be incurred on tax returns. This program covers new IRS tax forms for the 2020 tax season and new compliance requirements that apply to 2020 tax returns. 2020 is unusual because of the legislative changes enacted to help individual and business taxpayers with the coronavirus pandemic. 2020 tax forms have been revised accordingly, and tax practitioners should be able to explain the changes to clients.

Major Topics:

    • Form 1040 changes as they relate to CARES Act changes for 2020
    • Important IRS changes to tax form instructions
    • Form 1065 and 1120-S K-1 changes for 2020
    • Form 941 changes for 2020 designed to accommodate the deferral of Social Security tax by both employers and employees
    • Form 1099-NEC (non-employee compensation) and Form 1099-MISC for 2020
    • IRS tax filing changes relating to the claiming of net operating loss carrybacks from 2018, 2019 and 2020
    • 2020 IRS pronouncements relating to income tax return filing and tax compliance

Learning Objectives

  • Advise clients regarding changes in IRS tax forms for 2020

Tax practitioners who will be preparing 2020 federal income tax returns

A basic understanding of the tax rules relating to individual income tax




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