• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick IRS announces Direct File as permanent free tax-filing option starting next year
Editor's Pick

IRS announces Direct File as permanent free tax-filing option starting next year

by May 31, 2024
by May 31, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

The Internal Revenue Service announced Thursday that its experimental Direct File free tax-filing option for simplified tax returns would become a permanent option starting next year.

In a release, the IRS, along with the U.S. Treasury Department, said its Direct File pilot program, which rolled out on a limited basis earlier this year, saw 140,000 taxpayers claim more than $90 million in refunds and save an estimated $5.6 million in filing costs.

“President Biden is committed to saving Americans time and money and ensuring families receive the tax benefits they’re owed. Providing a free tool to all Americans who want the option to file directly with the IRS is key to achieving those goals,” said U.S. Secretary of the Treasury Janet L. Yellen in a statement.

“After a successful pilot, we are making Direct File permanent and inviting all 50 states to offer this free filing option to their residents. The Treasury Department and IRS look forward to working with states to expand Direct File to Americans across the country.”

Direct File is designed for filers with relatively straightforward tax returns — like W2s or Social Security income — and who take the standard deduction. Other types of income, like those from gig work or other business returns, are not eligible.

Direct File is not a required government program, and does not replace existing filing services.

But advocates have long called for a program to reduce or even eliminate the cost of filing, especially in the digital age.

“President Biden is focused on lowering costs and making the tax system fairer for Americans, and that includes providing a free and simple way to file taxes, with no expensive and unnecessary filing fees and no upselling,’ National Economic Advisor Lael Brainard said in a statement.

Brainard applauded Biden, saying the administration’s ‘investment in modernizing the IRS is already paying off, and we’re looking forward to this resource being available to more Americans across the country.”

For filers subject to state income taxes, their states must opt-in to Direct File. Twelve states have already signaled opposition to doing so, echoing complaints by TurboTax parent Intuit that Direct File is a waste of taxpayer resources.

But a survey released by the White House showed 90% of respondents ranked their experience with Direct File as “excellent” or “above average.”

“The numbers speak for themselves: the Direct File Pilot was a success, saving American taxpayers countless hours and millions of dollars filing their taxes,’ said White House Deputy Chief of Staff Natalie Quillian in a statement. ‘Now, we’re bringing the program to a national audience. It’s just one more example of how President Biden’s Investing in America agenda is lowering costs for communities across the country.”

This post appeared first on NBC NEWS
You Might Also Like
  • Silicon Valley Bank quietly laid off employees as tech firms in its backyard also slashed jobs
  • Federal Reserve pauses rate hikes as inflation slows down
  • IAC approves spinoff of home improvement marketplace Angi
  • Gap taps top Mattel executive to be its new CEO
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Biden administration greenlights Ukraine’s use of American weapons to strike inside Russia
next post
McDonald’s exec says average menu item costs 40% more than in 2019

You may also like

How Foot Locker is waging a comeback after its breakup...

September 23, 2024

Kigen and Skylo work together to bring eSIM and satellite...

February 9, 2023

Gold jumps to record above $2,460 an ounce on hopes...

July 17, 2024

The two-day or less shipping Americans have come to expect...

August 26, 2024

Retailers scramble to move billions in cargo as East Coast...

September 30, 2024

Judge temporarily blocks sports streaming service owned by Disney, Fox,...

August 18, 2024

Stock market has worst day since 2022 as Tesla, Google...

July 25, 2024

‘Stakes are high’ in the Alaska Air flight inquiry, NTSB...

January 8, 2024

U.S. autoworkers union seeks tough victory at Mercedes plant in...

May 14, 2024

Wall Street expects Trump presidency will unlock deal-making

November 8, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    More than $1 billion in federal...

    April 2, 2024

    Apple loses top phonemaker spot to...

    April 16, 2024

    Trump Media stock erases all gains...

    April 9, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here