IRS tax forms and reporting have changed yet again for the 2020 tax season, adding yet more confusion to an already complicated process. Key changes include the way capital gains and the alternative minimum tax (AMT) are reported on tax returns. With these and the multitude of other tax changes in recent years, the 2020 tax season presents more potential than ever for confusion and expensive mistakes in IRS filings for all taxpayers, especially the millions of people in the United States who received income in 2019 from employee stock compensation and sales of company shares. myStockOptions.com explains the tax-return forms and reporting they need to know in its fully updated Tax Center (https://www.mystockoptions.com/tax-center). This clear and reliable information includes easy-to-understand guidance and annotated tax forms.
“The tax reporting for stock compensation is complex,” emphasizes Bruce Brumberg, Editor-in-Chief of myStockOptions.com. “The changes for 2020 expand what you must understand before you prepare your tax return. Even accountants and tax advisors sometimes make mistakes. Our goal is to help employees and their financial or tax advisors realize the full potential of equity compensation by educating them about tax rules and helping them prevent costly errors. The last thing taxpayers want is to pay too much tax or incur IRS penalties that take yet more money out of their pockets.”
For the millions of employees in the United States who have equity compensation and shares of their companies’ stock, tax-return season always raises worries about errors that can lead to overpaid tax, underreported income, IRS penalties, or even an IRS audit. The myStockOptions Tax Center has all the answers on the filing and reporting of tax returns that involve stock options, restricted stock, restricted stock units, performance shares, stock appreciation rights, and employee stock purchase plans. Core articles and FAQs spell out the most common mistakes people make with stock grants on their tax returns. Taxpayers, their financial advisors, and their accountants can quickly run through these to be sure they submit error-free returns.
In the Tax Center, the special section Reporting Stock Sales presents FAQs with clearly annotated diagrams of Form 8949 and Schedule D. Each FAQ explains and illustrates a different reporting situation involving stock options, restricted stock, restricted stock units, performance shares, employee stock purchase plans, or stock appreciation rights. Clear instructions and diagrams show how to complete the forms, whether the cost-basis information in Box 1e of Form 1099-B is accurate, too low, or omitted.
The content of myStockOptions.com is ideally suited for licensing by companies and stock plan providers. A customized version of the website’s award-winning content can be seamlessly woven into companies’ HR, benefits, and/or compensation portals.
Disclaimer: The news site hosting this press release is not associated with myStockOptions.com. It is merely publishing a press release announcement submitted by a company, without any stated or implied endorsement of the information, product or service. Please refer to a tax attorney or CPA for tax advice.
About myStockOptions.com
With award-winning content and tools, myStockOptions.com is an independent and unbiased source of expertise on stock options, restricted stock, restricted stock units, performance shares, stock appreciation rights, and employee stock purchase plans. We specialize in making complex stock compensation topics clearly understandable and relatable, in plain English and with an engaging style. Our audience includes:
– stock plan participants
– financial planners, wealth advisors, and CPAs
– professionals in stock plan administration, human resources, compensation, and finance
– attorneys, corporate counsel, and other members of legal staff
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