The IRS could be on the cusp of revolutionizing the way that Americans file their taxes.
The Inflation Reduction Act signed into law by President Biden on Tuesday provided $80 billion in funding for the agency, including $15 million to deliver a report on a free, government-run tax e-filing system that tax simplification advocates have long argued for.
But the agency is on a tight deadline to deliver. While most of the $80 billion for the IRS in the new legislative package goes out over the next decade, the agency has only about a year to turn in its e-filing report.