Should the IRS File Your Taxes for You?
Imagine a world where you didn’t have to file your own taxes. Of course, you can use an experienced and professional tax and accounting firm like GROCO to do your taxes for you, but what if you didn’t even have to send your tax return information to an accountant? Could that ever really happen? In reality, probably not, but that isn’t stopping one U.S. senator from at least proposing the idea.
Democratic senator, Elizabeth Warren, from Massachusetts, has introduced the tax Filing Simplification Act of 2016. The senator hopes to “simplify and decrease the cost of the tax filing process for millions of American taxpayers.” Her proposal would actually force the IRS to come up with a preparation and filing service that all taxpayers could use for free to directly file their taxes with the government.
The service would require the IRS to fill in all the necessary information, which would come from W-2s and 1099s, which the agency already receives. Each taxpayer would then be responsible to make sure the information was correct. Some taxpayers that have very basic tax situations might not even have to file a return at all.
So what is the likelihood of this ever passing? Chances are the bill will not go anywhere, as Congress has always been reluctant to making these kinds of changes in the past. So while this might not ever become a reality, your tax accounting and tax preparation can still be stress-free. Just contact GROCO for help by clicking here or by calling 1-877-CPA-2006.
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Armin Tahmasbi | Encapsulate
I’m a young entrepreneur and a Ph.D. candidate in Biomedical Engineering program at the University of Connecticut, working on “Drug Delivery Systems, Self-Assembled Nanoparticles & Microfluidic Devices”, in Storrs, CT, US. I’m working in Self-Assembled Functional Nanomaterials Laboratory, under the supervision of Prof. Mu-Ping Nieh on “Drug Delivery Systems for cancer therapy”. We’re developing a universal platform for encapsulating and smart delivery of a wide range of drug molecules and
Spencer Jones | Lineus Medical
Spencer worked for 3 years in direct patient care as a Certified Nursing Assistant, Licensed Practical Nurse, and as a Registered Nurse. Frustrated with the inefficiencies plaguing the healthcare system, he was determined to play a role in improving the delivery of healthcare. In 2014, Spencer won the annual ARK Challenge, an Arkansas based business accelerator. The product he developed was a dual lumen peripheral IV called the BVAD, which focuses on painless and uncontaminated blood draws.
Adeel Malik | CEO of Clearstep
While studying finance and neurobiology in undergrad, Adeel spent his time doing neuro-immunology research at the Johns Hopkins Hospital, contributing to several academic publications. After undergrad, Adeel was a strategy & analytics consultant with Accenture for several years where he worked with some of the largest institutions in healthcare across pharma, health tech, health systems, and retail clinics. Adeel’s skills in healthcare analytics, operations, sales, and his breadth of experience