New form is a postcard

Treasury Secretary Steven Mnuchin announced yesterday that a new Form 1040, roughly the size of a postcard, will be unveiled as early as next week. Changes to the tax law under the Tax Cuts and Jobs Act will make filing taxes simpler for many taxpayers, thus eliminating the need for the lengthier two-page Form 1040. Recent estimates by the Joint Committee on Taxation indicate 61% fewer taxpayers are expected to itemize their deductions in 2018.

At a meeting today with the IRS, NATP was informed that while the new form will be released next week, a specific date has not been set for the release at this time. However, once the form is made public, there will an opportunity to provide feedback.