Drake Software blog for tax pros, covering tax, IRS news, and more

IRS Says New 1040 to use “Building Block Approach”

New form confirmed replacement for the Forms 1040, 1040A, and 1040EZ

Last week, draft copies of the new Form 1040 that is also rumored to be a replacement for the 1040A and 1040EZ began circulating. By the end of the week, the IRS confirmed several rumors when it issued a press release outlining the pending changes in broad terms.

The IRS noted that it was “[working] with the tax community to finalize and the streamlined Form 1040” that would indeed replace the Form 1040A and Form 1040EZ. Using what they termed “a ‘building block’ approach,” the IRS explained that the now half-page 1040 was being streamlined for “taxpayers with straightforward tax situations”—something that should cater to more than 90 percent of taxpayers.

As had been reported by numerous outlets following the leaked Form 1040 draft, taxpayers who have more complex returns will indeed need to use “additional schedules” to satisfy reporting requirements.

Ryan Norton

Whether designing superheroes, penciling caricatures, or just doodling, I always knew I was going to earn some sort of art degree while in college. That was my goal before I decided to trade Edgar Degas for Edgar Allan Poe during a Freshman English class. The BA in English soon morphed into a double-major in English and Philosophy, eventually becoming an MA in English. It only makes sense that I learned of a writing opportunity for a local marketing firm while teaching a first-year college English course. Before I knew it, I was writing and editing tax-related articles for Taxing Subjects, and this has been my home since 2014.

comments powered by Disqus