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IRS proposes tax-return overhaul

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in Small Business Tax

The IRS intends to completely revamp Form 1040 by drastically shrinking the number of lines. It has proposed a new “Schedule O” containing the lines involving adjustments to income, taxes and payments.

This would be the first major overhaul of Form 1040 since 1977. The IRS hopes to roll out the streamlined version by Jan. 1, 2009.

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