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IRS Cancels Postcard-Sized Income Tax Return

August 5, 2019

Proponents of tax simplification have bandied about the idea for a postcard-type Form 1040 for years. It came closer to fruition when the massive Tax Cuts and Jobs Act (TCJA) was enacted at the end of 2017. Despite the TCJA changes, however, the U.S. Internal Revenue Service (IRS) still requires more information than what can be entered on just a few lines. The IRS is now working on a version that‘s shorter than the traditional 1040, but looks more like the current tax return. Read more at CPA Practice Advisor.