New IRS Tax Forms That You and Your Business Should File
The 2019 Form 1040 (individual tax return) has been redesigned again.
The president wanted a postcard tax return (which wasted a lot of paper) for 2018 which caused the IRS to move many items (such as capital gains) on the 1040 to 6 main schedules. For 2019, the IRS is reducing the 6 schedules to 3 schedules as many items will now move back to the main 1040.
Starting in 2021, there will be a new 1099-NEC used to report nonemployee compensation paid to independent contractors instead of using Form 1099-MISC.