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Resources

Tax Tips

  • Simplifying Depreciation Deductions for Business Vehicles in 2024
  • Homebuilders Can Benefit from Expansion of Energy Efficient Home Credit
  • IRS Issues Standard Mileage Rates For 2023
  • Taxability of Lawsuit Settlements
  • INFLATION REDUCTION ACT HIGHLIGHTS
  • Under legislation enacted by the 2022 General Assembly Virginia established a new elective pass-through entity (“PTE”) tax.
  • Tax Law Changes effective 2022
  • SBA Issues Final Rule On Calculation Of Average Annual Receipts For The Purposes Of Certain Size Standards
  • IRS Suspends Several Automated Collection Notices
  • Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning
  • CHILD TAX CREDIT
  • Taxpayers can protect themselves from scammers by knowing how the IRS communicates
  • IRS Announces New Extended Tax Deadline for Individuals
  • Maryland Extends State Income Tax Filing Deadline to July 15th
  • Business Education Series: PPP Round Two – What You Need to Know
  • SBA Issues Extensive Final Rule Revising Several Small Business Contracting Regulations
  • 2020 depreciation limits for cars and trucks are issued
  • IRS Won’t Extend Deadline Again! Tax Returns ARE Due by July 15
  • IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
  • FAQs About COBRA Insurance Coverage
  • Federal Income Tax Filing Date postponed to July 15
  • Attention Local Workers Whose Job Has Been Affected by the Coronavirus
  • Emergency Paid Sick Leave Act (EPSLA)
  • The Three Step Process: Disaster Loans
  • U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans
  • NEW TAX DEADLINE IN THE WORKS
  • SBA’s NEW YEAR RESOLUTION ENFORCEMENT!
  • New Law Helps People Save For Retirement; Other Retroactive Changes Impact Many Taxpayers
  • IRS Increases Visits To High-Income Taxpayers Who Haven’t Filed Tax Returns
  • Guidance and Enforcement Put Virtual Currencies Front and Center
  • Proposed regs. Issued on Meal and Entertainment Expense Deductions
  • IRS Issues 2020 Standard Mileage Rates
  • Form 1040-SR: Seniors Get a New Simplified Tax Form for 2019
  • IRS willing to consider requests for relief from double taxation related to repatriation
  • IRS Lowers Mileage Rates for 2020 Deductible Vehicle Use
  • Jan. 31 filing deadline remains for employer wage statements, independent contractor forms
  • IRS: Eligible employees can use tax-free dollars for medical expenses
  • Overview VA SIT update
  • IRS Advises Taxpayers To Be On The Lookout For New SSN Scam
  • IRS Provides Guidance on Paying Repatriation Tax
  • Foreign Financial Asset Reporting Guidance Matrix Form 8938 and/or FBAR for Filings
  • Certain Fringe Benefits Provided by Not-for-Profits May Be Considered Taxable Income

Newsletters

Our regularly updated newsletter provides timely articles to help you achieve your financial goals.

IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns

The Internal Revenue Service announced that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products.

Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years. It’s also been an ongoing request from the nation’s tax professional community and has been a continuing recommendation from the Internal Revenue Service Advisory Council (IRSAC) and Electronic Tax Administration Advisory Committee (ETAAC).

Currently, taxpayers must mail a completed Form 1040-X to the IRS for processing. The new electronic option allows the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form.

“This new process is a major milestone for the IRS, and it follows hard work by people across the agency,” said IRS Commissioner Chuck Rettig. “E-filing has been one of the great success stories of the IRS, and more than 90 percent of taxpayers use it routinely. But the big hurdle that’s been remaining for years is to convert amended returns into this electronic process. Our teams have worked diligently to overcome the unique challenges related to the 1040-X, and we look forward to offering this new service this summer.”

About 3 million Forms 1040-X are filed by taxpayers each year.

The new electronic filing option will provide the IRS with more complete and accurate data in an easily readable format to enable customer service representatives to answer taxpayers’ questions. Taxpayers can still use the “Where’s My Amended Return?” online tool to check the status of their electronically-filed 1040-X.

When the electronic filing option becomes available, only tax year 2019 Forms 1040 and 1040-SR returns can be amended electronically. In general, taxpayers will still have the option to submit a paper version of the Form 1040-X and should follow the instructions for preparing and submitting the paper form. Additional enhancements are planned for the future.

“Adding amended returns to the electronic family also complements our partnership with the tax software industry, which continues to work with us to provide better ways to help taxpayers,” said Ken Corbin, Commissioner of the IRS Wage and Investment division.

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