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You are here: Home / Uncategorized / IRS to Host Second Real-Time Tax System Meeting

IRS to Host Second Real-Time Tax System Meeting

January 23, 2012 by AlanK Leave a Comment

 

IR-2012-10, Jan. 18, 2012   WASHINGTON –– The Internal Revenue Service will host the second in a series of public meetings Wednesday, Jan. 25 to gather feedback on how to implement long-term changes to the tax system to reduce burden for taxpayers.

 

IRS Commissioner Doug Shulman has outlined a vision that would move the agency away from the traditional “look back” model of compliance, and instead perform substantially more “real time,” or upfront matching of tax returns when they are first filed with the IRS.

 

The goal of this initiative, called the Real-Time Tax System, is to improve the tax filing process by reducing burden for taxpayers and increasing overall compliance. Under such a system, the IRS could match information submitted on a tax return with third-party information at the beginning of return processing and provide the opportunity for taxpayers to fix the tax return if it contains data that does not match IRS records. Currently, the IRS conducts a significant number of compliance activities months after the tax return has been filed and processed.

 

At this public meeting, IRS officials will solicit feedback and input from outside stakeholders. This second meeting will feature representatives of large and small businesses, financial institutions, software providers and state revenue commissions.

 

In the meeting on Dec. 8, 2011, IRS officials heard comments from representatives of consumer groups, tax professionals and state and federal government representatives.

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IRS Circular 230 Disclosure

31 CFR Part 10, section 10.35, requires me to notify you that any tax advice in this electronic forum (including any attachments, postings, pages or links) was not intended or written by me to be used, and cannot be used by you (or any other taxpayer), for the purpose of (i) avoiding penalties under the Internal Revenue Code of 1986, as amended, or (ii) promoting, marketing or recommending to another party any tax-related matter addressed herein.
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