Friday, April 12, 2024

The IRS Is Here to Help With Direct File. Oh No - WSJ

So far it’s a bust. The IRS predicted “several hundred thousand” would use direct file. But as Monday’s tax deadline approaches, sources tell us the IRS has accepted fewer than 60,000 returns via Direct File—about 0.003% of the eligible pool. Until this week the agency had failed to enable users to import crucial details to validate their returns before filing.

The U.S. tax code has long been an honor system in which Americans prepare their own returns subject to IRS review and audit. But progressives want to give the IRS power to present taxpayers with nonnegotiable tax bills. The Direct File pilot is aimed at simple returns, but the eventual goal is to include complex returns too. The IRS would be able to veto deductions or credits up front. And good luck appealing, since the IRS will judge that too.

Sen. Warren is selling Direct File as an alternative to “greedy, reckless” tax preparation firms. It’s a scandal the tax code is so complicated it requires such help, but that’s the fault of Congress.

via www.wsj.com

Does any know what Senator Warren's net worth is? I've seen conflicting reports. Asking for a friend. In any event, I suggest she go first.

https://rightcoast.typepad.com/rightcoast/2024/04/the-irs-is-here-to-help-with-direct-file-oh-no-wsj.html

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