In 2023, 161,781,457 taxpayers filed Forms 1040 and 1040-SR, with the number of taxpayers filing these forms projected by the Internal Revenue Service to increase by about 10,000,000 over the next eight years.
Meanwhile, Forms 1040-PR and 1040-SS, as well as Form 1040-ES, are projected to see large decreases over the next eight years.
Read more about Form 1040 projections until 2031.
A Washington, DC tax accountant pleaded guilty for submitting falsified documents in his application for a $1.4 million purchase loan, which he later received.
In a comment letter, the institute says the board's new requirements could drive smaller auditing firms out of the market.
The money will help it expand from payments and collections to a broader practice management platform, and to develop a tax solution.
Here's a roundup of tax-related news and insights on politics, practice management, investment strategies, health savings accounts, estate planning and more.
In this first of three parts of our second annual AI Thought Leaders Survey, our pool of experts share their take on the state of AI over the past year, for both good and ill.
If enacted, the regs would require practitioners to maintain a certain level of technological competence, among other things.
