The IRS may have the ability to automate nearly half of tax returns, according to a paper from the National Bureau of Economic Research.
"It would save so many people the stress and headache of figuring out what documents they need, or how they are going to pay for their return to be done," he said.
Indeed, 36 countries have return-free filing as of May 2020, including Germany, Japan and the United Kingdom, the Tax Policy CenterCountries with return-free filing may use either"exact withholding," where employers try to set aside precisely what employees owe, or"tax agency reconciliation," involving a tentative pre-filled return for the taxpayer to approve, according to theHowever, it may be more difficult in the U.S.
What's more, auto-filled returns may be helpful for non-filers, including those due to receive the earned income tax credit or child tax credit,"potentially nudging them into claiming refunds or paying taxes due." "The first thing that stuck out to me was that $9 billion of refunds were due to 12 million Americans due to non-filing," Lucas said.
Some of those may include high school or college kids working a part-time job making less than the income threshold required to file, or low-income Americans without the resources to process returns, he said.
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