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During 2023's tax filing season, the IRS aims to improve its service. As a reminder, it encouraged taxpayers to file electronically to avoid delays in receiving their refunds. The IRS has successfully opened its systems for accepting and processing 2022 tax returns for taxpayers before the deadline (Tax Filing Deadline - April 18).
We can't deny taxes can be confusing and stressful, especially if you don't have enough time to understand them. So, what are you thinking about filing taxes before the deadline? Do you have enough information and knowledge of the latest IRS updates?
No Worries!!!
With myCPE's tax CPE courses, you can be well-prepared to handle the upcoming tax season with ease.
In this blog, we'll take a closer look at IRS tax forms for 2023 and how myCPE's Tax CPE Courses can help you navigate them.
The IRS has released many IRS tax updates for the 2022 tax year, and you'll need to file your taxes by April 18, 2023. To assist you with completing tax forms, here is a quick guide to the significant tax forms.
Form 1040 is for individuals to report their annual income to the IRS. In addition, it requires information about income, deductions, and tax credits.
At myCPE, we have a live course on “Annual Federal Tax Update - Individuals (Form 1040).” CPAs, Enrolled Agents, AFSP, Tax Professionals, CFP, etc., can attend this course to learn more about individual income tax returns and earn 8 CPE/CE credits.
IRS tax forms 1040-SR is a simplified version of Form 1040 for seniors aged 65 or older. It is similar to a 1040 IRS tax form but has larger print and fewer lines to fill out.
At the end of the year, form W-2 is sent to employees by their employers. This form contains information about the employee's wages and the tax amount deducted from their paycheck.
Form W-4 is a form that an employee fills out when they start a new job. W-4 tells their employer how much money to withhold from their paycheck for federal income tax purposes.
Form W-4P is a Withholding Certificate for Pension or Annuity Payments. A retiree fills out Form W-4P to tell their pension or annuity provider. Here, retirees need to provide information about federal income tax to withhold from their payments.
You will get complete insight about Form W-2, W-4, and 941 at one of myCPE's courses – “Forms W-2, W-4, and 941 for 2023: An Overview.” CPAs, EAs, AFSP, and other tax professionals can attend this on-demand course anytime and earn 2 CPE/CE credits.
Form 1099-MISC reports miscellaneous income received during the year that is not reported on a W-2. This includes income earned from freelance work or self-employment.
To report payments made by the federal government, like unemployment benefits or refunds from the state, a Form 1099-G is required. The form is also used to record other government payments, such as state and local taxes withheld from any government payments received, payments from the Department of Agriculture received, and taxable grants.
A payment settlement entity (PSE) is a company that provides payment settlement services to individuals with a relationship with it. A third-party network can be considered an entity that facilitates the transactions between a driver and a customer, such as Uber and Lyft. Form 1099-K
The 1099-INT reports interest income received from banks, brokerage firms, and other financial institutions. The payor issues this form to the recipient, who must include it in their tax return.
Dividends and distributions are reported on Form 1099-DIV. In this form you have to mention the investments such as mutual funds, stocks, and real estate investment trusts (REITs).
Check out our latest IRS tax update course – “Tax Update: PTET Update, 1099 E-Filings, and Roth IRAs”. This course is available on-demand and provides 2 CPE/CE credits to professionals on completion of the course.
IRS Form 1065 is for partnerships, including general partnerships, limited partnerships, and limited liability partnerships. In this form, you report business income, gains, deductions, losses, and credits to the IRS. Partnerships are pass-through entities, meaning profits and losses are allocated to partners, who report them on their tax returns. Form 1065 also requires partnerships to provide information about their partners. This includes their share of partnership profits and losses and capital contributions.
To know more about Form 1065, you can attend myCPE courses “Best Tax Return Workshop - Partnerships & LLCS (Form 1065).” Register now!
IRS Form 1042 reports tax withheld on payments to foreign persons, including nonresident aliens, nonresident corporations, and foreign partnerships. The form is used by withholding agents, such as U.S. banks or businesses, to report the amount of tax withheld from payments made to foreign persons. This includes wages, pensions, and dividends.
Get complete learning about Form 1042 by attending myCPE webinar on The Form 1042-S & W-8 Update – Complying with IRS Information Reporting for Nonresident Aliens.” Click here to register!
Mortgage lenders use Form 1098. In this form, the filler reports the amount of mortgage interest, points, and mortgage insurance premiums paid by the borrower during the year. The form must be provided to the borrower and filed with the IRS. The borrower uses the information on the form to claim a deduction on their individual tax return.
myCPE has a detailed webinar on “Form 1098 and Your Taxes.” Click here to register and earn CE/CPE credits!
Form 1120S is for S corporations to report their business income, gains, deductions, losses, and credits to the IRS. It is filed annually and includes a Schedule K-1 for each shareholder, showing their share of the corporation's income, losses, and other items. The form calculates the company's tax liability.
Attend a self-study course on “S-Corp Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis” at myCPE. Register now!
IRS Form 706, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return. It is used to report the estate tax liability of a deceased person. Upon the death of an asset owner, the estate must file a form providing information about its assets, liabilities, and deductions within nine months.
For more updates about Form 706, attend myCPE webinar - A Practical Explanation of Estate Tax Return (Form 706) Preparation.” Register now!
IRS Form 5472 is a tax form used to report transactions between a US company and its foreign owners or related parties. These transactions must be reported to the IRS in order to comply with tax regulations. The form must be filed annually by certain US corporations owned by foreign entities or individuals.
Attend a myCPE webinar “Form 5472: All you need to know” to learn more Form 5472. Register Now!
IRS Form 8867 is used by tax preparers for claiming certain tax credits in compliance with tax laws. The form requires tax preparers to review and verify their clients' eligibility for these credits, and keep records supporting their claims.
myCPE offers a webinar, “Tax Update: FinCEN, Child Tax Credit, Schedule 8812, and Form 8867” that explains Form 8867 in detail. Register now!
IRS Form 8854 is used by individuals who have expatriated or given up their U.S. citizenship to report their final tax liability to the IRS. Under this form, individuals report their assets, income, and liabilities, as well as tax payments. It also requires certain information about offshore accounts.
Attend IRS approved webinar at myCPE to learn more about Form 8854. Register now to attend “Expatriation - DOS, USCIS Forms And Form 8854 Giving Up A Green Card!”
IRS Form 7203, also known as the Application for Enrollment to Practice Before the IRS, is used by individuals who wish to become enrolled agents with the IRS. The form is used to request a special enrollment examination. It provides information on the applicant's education and experience in tax preparation and representation.
myCPE presents a self-study webinar for professionals on “Preparing New IRS Form 7203: S Corp Shareholder Stock Basis, Debt Basis & More”. So, register now!
Form 990 is for organizations exempt from federal income tax. Such organizations fill out Form 990s to report their financial activities. For the purpose of transparency and accountability, form 990 provides information about the organization's mission, programs, governance, and finances.
Check out myCPE’s “Deep Dive into Form 990s for Experienced Preparers” course for more information. Register now!
IRS Form 709 reports gifts and transfers subject to the federal gift and generation-skipping transfer tax. Donors need to fill 709 to provide information on the recipient, the amount of gift, and any applicable deductions or exclusions.
At myCPE, you can find a detailed webinar on Preparing Form 709 and Gift Tax Planning.”(IRS approved) Click here to register and earn CE/CPE credits!
If by any means there is an error in Form 941, then you need to fill Form 941X. Herein, you report wages, and other compensation paid to employees, as well as taxes withheld. The form is used to correct errors such as incorrect wage amounts or tax withholdings.
If you want more updates on form 941X, myCPE presents a complete webinar on “Form 941X and how to correct for COVID credits”. Register now!
IRS Form 5329 is a tax form used by taxpayers to report additional taxes on retirement accounts and other qualified plans. It is used to calculate and report penalties for early distributions, excess contributions, and failure to take minimum distributions from these accounts. The form is filed annually along with the taxpayer's tax return.
Learn about Preparing Form 5329: Waivers for Missed or Incorrect RMDs, Excess Contributions, and Exceptions for Early Withdrawals. The course is available on-demand and provides 2 CPE/CE credits for professionals who complete it. Register now!
Form 1023 is for tax-exempt organizations. Under this form, the organization reports the organization's mission and program. It also requires detailed information on the organization's activities, finances, and governance. IRS review of the application determines whether the organization qualifies for tax-exempt status.
Join myCPE and attend IRS approved self-study webinar on Form 1023 for more details. Register now!
IRS Form 8606 reports nondeductible contributions to traditional IRAs, as well as Roth IRA conversions and distributions. The form is used to calculate the taxable portion of distributions from these accounts and report any penalties owed on early distributions. The form must be filed annually.
Attend IRS approved course - “Form 8606: Nondeductible IRAs - Reporting IRA Withdrawals and Roth” course at myCPE to better understand Form 8606.
IRS Form 940 is a tax form used by employers to report and pay their federal unemployment tax (FUTA) liability. It is filed annually and provides information on the employer's FUTA tax liability, payments made throughout the year, and any amounts due or overpaid. The form calculates the employer's share of the federal unemployment program.
Click here to learn more by attending a self-study course -”IRS Form 940 and Unemployment” at myCPE!
This year, the IRS came out with a lot of updates. Above are just a few common updates. But, at myCPE you are getting a complete library of all the latest IRS tax forms 2023.
With myCPE's Tax form courses, you can learn everything about tax forms and how to properly fill them out. The courses at myCPE are designed to help CPA, AFSPs, EAs, tax professionals, etc., stay up-to-date with the latest tax updates in laws and regulations. Through these IRS approved courses, you will learn about IRS tax updates, various IRS Forms, tax preparation, etc.
Click here to review the complete library of tax form courses!
If you want to learn something that also counts towards your continuing education, then our courses are right here for you. Even all our courses are IRS approved. Not only this, we provide courses at reasonable prices. So, get the myCPE Unlimited Access Subscription just at $199!
You can also review our course materials by attending a limited number of courses under 7 Days Free Trial.
So, why wait? Start exploring myCPE's Tax CPE Courses today, and get ready for a successful tax season in 2023.
Ans: Each tax form comes with instructions and guidelines from the IRS. Taking a tax CPE course or consulting with a tax professional can help you ensure that you fill out the correct form.
Ans: Common mistakes include forgetting to include all sources of income, miscalculating deductions and credits, and missing important deadlines. These mistakes can be avoided by carefully reviewing instructions, double-checking calculations, and using tax software or seeking professional assistance.
Ans:The IRS often makes updates and changes to tax forms each year. Keeping up to date with these changes and understanding how they may impact your filing is crucial. Taking tax CPE courses can help individuals stay up-to-date on these changes and how to comply with new requirements.
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Imtiaz Munshi, CPA 
