The IRS reportedly has a free TurboTax alternative in the works
Doing your taxes in the United States can be famously convoluted. It can also be expensive: on top of paying their tax bills, Americans who have more complicated finances often have to pay for software to help them navigate the US tax code. That might change soon: asays that the Internal Revenue Services is preparing to roll out a free direct filing system that will allow Americans to complete their taxes digitally.
The first version of the direct filing system could be available as soon as next year, according to the report, with a pilot program launching for a small group of taxpayers in January of 2024. That would arrive just a year after the IRS publicly started exploring the option, when the tax agency tapped the New America think tank.
That focus on a user-friendly system might be the point. The IRS already offers a Free File Online tool, but according to the Government Accountability Offices, it's. If the program is a success, it could make filing taxes easier and more affordable for millions of Americans. If not? Well, TurboTax and H&R Block probably aren't going anywhere. After all, the US tax prep and filing industry is still worth about $14 billion.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
IRS Weighs Creating a Government-Run Tax-Prep OptionTax-preparation companies are increasing lobbyist funding to discourage any IRS plans to expand free help with returns
Baca lebih lajut »
H&R Block’s and TurboTax parent Intuit’s stocks lower ahead of government report on proposal to let people file taxes directly to IRS for freeThe stocks of H&R Block Inc. and TurboTax parent Intuit Inc. fell premarket Monday, ahead of the release this week of a government report on a proposal to...
Baca lebih lajut »
IRS, Chainalysis Helping Ukraine Track Russians Using Crypto to Evade Sanctions – Bitcoin NewsThe U.S. Internal Revenue Service (IRS) said it’s working with Ukraine to help it trace crypto transactions of Russian sanctions evaders.
Baca lebih lajut »
‘I thought we were going to change the world’ — Ex-money manager explains why he blew the whistle on LDS financesIn his first public comments since becoming a whistleblower, a former investment manager for the LDS Church said the faith illegally stockpiled $100 billion in investments built from members’ tithing “and the funds were never used” for good works.
Baca lebih lajut »
$3,200 tax credits available for some home improvements, IRS says: What qualifies?The Inflation Reduction Act of 2022 includes credits for taxpayers who make qualifying energy improvements to their home, according to the Internal Revenue Service.
Baca lebih lajut »
IRS Taxes Usually Apply If Your Debt Is Cancelled, Here Are The ExceptionsWhen a debt you owe is canceled or discharged, the tax code treats the wiped-out debt as cash income to you that you must report. If you owe $500,000 to the bank, but the bank forgives it, it's as if the bank just handed you $500,000 so the IRS wants a cut. Fortunately, there are exceptions.
Baca lebih lajut »