The House Ways and Means Committee has advanced a bipartisan bill that would require the IRS to modernize its digital processing technology for tax returns. Dubbed the Barcode Automation for Revenue Collection to Organize Disbursement and Enhance (BARCODE) Efficiency Act, the bill would require prepared tax returns to include a scannable code on paper forms. It would also require the IRS to use optical character recognition technology to transcribe certain paper-filed returns. Lawmakers noted that last year 94% of taxpayers e-filed their returns. But the remaining 6% still represents nearly 10 million paper returns that the IRS must digitally process. Stay tuned.
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