By Bruce Brumberg
Ready or not, tax return reporting has changed yet again for the 2020 tax season. In 2018, the IRS condensed Form 1040 significantly, completely revamping the prior traditional version, and introduced additional schedules that funnel information to Form 1040. While the IRS did not modify the 2019 Form 1040 as drastically, there are key differences, especially in the way capital gains are reported.
Below I explain key tax return points for executives and employees who have income from stock compensation—such as stock options, restricted stock units, or an employee stock purchase plan (ESPP)—or who have gains from sales of company stock. Remember to file by April 15, 2020. Read more.