March 14, 2024
IRS Launches Free Tax Filing Software - The G-20 Will Follow
The IRS has just launched it's free tax filing software for Americans.
They have been talking about doing this for the last 5 years and it is finally here.
We think this is going to be significantly disruptive for those firms that have a disproportionate amount of their revenue deriving from Tax Filing.
There is strong evidence that the G-20 (the 20 largest economies in the world) collaborate together on best practices, and we've seen standardization of approach/policy in areas like :
- Taxable Benefit treatment & tax consequences around Smartphones & Wireless Rate Plan
- Taxable Benefit treatment & tax consequences around Home Internet
- Work From Home tax deductions : Standard vs. Detailed methods
The Canadian government articulated to their populace that the CRA (Canada Revenue Agency) was also considering doing the same thing.
We believe that by 2027 every G-20 tax authority will duplicate what the IRS has done for their populace.
We further predict that tax authorities by 2030 will start doing this (free tax filing software) for : Small Business Owner (less than 10 employees) and Gig Workers that are incorporated.
ARTICLE SOURCE :
https://www.dontmesswithtaxes.com/2024/03/irs-free-direct-file-officially-opens-to-all-eligible-taxpayers.html#google_vignette