Name: Plan to allow digital submissions to IRS ahead of schedule - USTimesPost
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Plan to allow digital submissions to IRS ahead of schedule - USTimesPost

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Under this initiative, most people will be able to file everything but their tax returns digitally by 2024. Those returns will be available in 2025.WASHINGTON — Taxpayers will be able to submit all types of tax documents and other communications to the IRS digitally months earlier than originally planned under a new timetable for Paperless taxpayer contact information announced by Treasury Secretary Janet Yellen on Tuesday. “The impact will be significant and far-reaching,” Yellen said in a prepared speech delivered at IRS headquarters in Washington, “and we will speed up processing times for the entire system.” The IRS has suffered decades of lack of capital and being overloaded with paper records prevents agencies from processing tax forms at a faster rate. Yellen’s speech was intended to signal that cash infusions to the IRS over 10 years included Democrats’ Disinflation Act Working. “Taxpayers will save time and effort because people can start filing now, rather than waiting until the originally scheduled timeframe of early next year,” she said. The IRS’s plan to improve customer service for the 2024 tax season comes amid a series of proposals by congressional Republicans to reduce IRS funding. Tuesday’s focus will be on what the appropriated funds are doing for taxpayers. Under this initiative, most people will be able to file everything but their tax returns digitally by 2024. As IRS Pilots New Electronic System Free tax declaration system Starting in 2024, the agency will be able to process everything, including tax returns, digitally by 2025. “The IRS will reduce errors and storage costs,” Yellen said. The processing change is expected to cut the $40 million a year the agency spends on archiving more than 1 billion historical documents. According to the IRS, the federal tax administration receives more than 200 million paper tax returns, forms and pieces of mail, and non-tax forms every year. The improvements are being announced as the agency faces another push to exact cuts. An aid bill passed by the House on Thursday — unlikely to pass the Democratic-controlled Senate — would cut $14 billion from the national tax collector in exchange for providing assistance to Israel. President Joe Biden said he would veto the bill if it reached his desk. According to independent budget analysts, cuts to the IRS will cost taxpayers billions of dollars, not save them money. Yellen said on CNN last week that forcing Israel to cut aid at the IRS was “irresponsible.”

Under this initiative, most people will be able to file everything but their tax returns digitally by 2024. Those returns will be available in 2025.WASHINGTON — Taxpayers will be able to submit all types of tax documents and other communications to the IRS digitally months earlier than originally planned under a new timetable for Paperless taxpayer contact information announced by Treasury Secretary Janet Yellen on Tuesday. “The impact will be significant and far-reaching,” Yellen said in a prepared speech delivered at IRS headquarters in Washington, “and we will speed up processing times...

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Plan to allow digital submissions to IRS ahead of schedule - USTimesPost

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