Federal Tax, Tax

New Modernization Improvements Coming Soon to the IRS

U.S. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel met recently to discuss the tax agency’s Strategic Operating Plan (SOP). With nearly $60 billion of new funding over 10 years, Yellen said modernization is a priority. That includes retiring outdated computer systems, such as those used to process returns. Other improvements will include the ability of businesses to e-file 1099 forms, with required e-filing to begin in January 2024. Yellen said the new paperless processing initiative “marks a significant step in our efforts to digitalize IRS operations.” The goal by 2025 is to achieve 100% digital processing of information returns. To read the SOP: https://bit.ly/3KpKSJk. Contact the Cg Team with questions. © 2023