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 That includes retiring outdated computer systems, such as those used to process returns.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
Our Blog 