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As I said in the other posting of this, it is already done at some point. You get most of your tax forms before the IRS does, and you submit your tax return be
by vonmoltke 12y ago
As I said in the other posting of this, it is already done at some point. You get most of your tax forms before the IRS does, and you submit your tax return before the IRS processes most of them. They can't verify the information on your 1098s, 1099s, and W2s until the businesses that generated those forms submit their taxes and the IRS processes them.
- bonesmoses 12y agoYeah, I didn't see that there was a previous post; sneaky. In any case, that just accentuates my point, really. Were this more automated, the businesses wouldn't need to file either. If forms were handled more like an API, i.e. filed when expenses/income happens, it would all be live info. The government bitches about the digital age stealing their income, but they're not even trying to adapt. Nobody anywhere should have to "file" anything. The very act of buying and selling means it's already on file somewhere, and that means a live view is possible. Unless you're using computers from 1960...
- gerbal 12y agoMany if not most businesses file taxes and tax forms on a monthly or quarterly basis. Between 75% and 100% of the relevant data is already in the IRS's hands. Businesses also generally don't wait until the deadline to file.
- vonmoltke 12y agoOnly businesses that withhold taxes from employees, and then only on the employees. Principals who are not classified as employees, those who qualify as "family employees", and 1099 contractors do not report anything until the end of the year.