April 18, 2022, was a significant day for over 160 million Americans who filed a 2021 federal income tax return. Collectively, taxpayers spent approximately 2 billion hours and over $30 billion in the process of preparing these tax returns.
The National Bureau of Economics Research has determined that the IRS could calculate taxes due and provide prepopulated returns to nearly half of U.S. taxpayers. Each taxpayer could accept the prepopulated return or choose to file his or her own return.
Because the IRS now receives electronic Forms W–2 and 1099 from employers and financial...More