SafeSend Returns Supports the New 1040 Tax Forms and Much More
2018 tax season was a nightmare for many firms, being the first year after the passing of the Tax Cuts and Jobs Act, tax preparers were forced to get familiar with an entirely new tax code. While this year’s changes aren’t a complete overhaul, there are always updates to the process. This year, return forms have changed including the 1040 tax form. SafeSend Returns has updated to support all of the revamped forms. Here’s a list of the current-year tax return forms currently supported by SafeSend Returns:
The 1040 tax form has been redesigned this year, replacing the old 1040A and 1040EZ forms. Individual filers will need to submit a 1040 to the IRS. Some filers may also need to submit one or more of the Form 1040 Schedules.
Form 1040-NR is the equivalent of the 1040 for nonresident aliens. It may also have to be filed for those representing a deceased nonresident alien and those managing an estate set up by a nonresident alien.
Form 1041 is for reporting the income, gains, losses, and deductions for trusts and estates. It is an essential component of managing an estate or trust.
The IRS describes Form 1065 as being for “Return of Partnership Income.” In a business partnership, the combined income of a business is not taxed as such. Instead, it is distributed to each partner and taxed accordingly.
1120 and 1120-S
These are the income tax forms for corporations and s-corporations. Those businesses that have elected to by S-corporations will need to use the 1120-S variant.
With all of these forms supported by SafeSend Returns, the assembly and delivery from firm to client couldn’t get any easier. You can assemble and deliver your clients’ tax return in as little a 4 minutes, saving $40 per return. All of these forms including the new 1040 tax form are fully integrated with SafeSend Returns, automating the returns process and making your life (and your clients lives) a whole lot easier.