Summary of Bill HR 8368
Bill 117 hr 8368, also known as the Tax Filing Simplification Act of 2022, aims to streamline and simplify the process of filing taxes for individuals and families in the United States. The bill proposes several key changes to the current tax filing system in order to make it easier for taxpayers to comply with their obligations.
One of the main provisions of the bill is the creation of a new, simplified tax form that would be available to all taxpayers. This form would be shorter and easier to understand than the current forms, making it quicker and simpler for individuals to file their taxes each year. Additionally, the bill would require the Internal Revenue Service (IRS) to provide more guidance and assistance to taxpayers who may have questions or need help with their filings.
Another important aspect of the Tax Filing Simplification Act is the proposal to increase the standard deduction for individuals and families. This would reduce the amount of income that is subject to taxation, potentially lowering the tax burden for many taxpayers. The bill also includes provisions to simplify the process of claiming deductions and credits, making it easier for individuals to take advantage of available tax breaks.
Overall, the Tax Filing Simplification Act of 2022 aims to make the tax filing process more straightforward and less burdensome for individuals and families. By streamlining the system and providing more support to taxpayers, the bill seeks to make it easier for Americans to fulfill their tax obligations and navigate the complexities of the tax code.
Congressional Summary of HR 8368
Tax Filing Simplification Act of 2022
This bill directs the Internal Revenue Service (IRS) to establish a free on-line tax preparation and filing service and allows taxpayers to access third-party provided tax return information and information held by the IRS.
The bill prohibits the IRS from entering into any agreement that restricts its legal right to provide tax return preparation services or to provide tax return filing services.
The bill requires the IRS to establish and operate programs to (1) facilitate claims for the child care and the earned income tax credits, (2) provide software for the preparation and filing of individual income tax returns for taxable years beginning after 2022, (3) allow taxpayers to download third-party provided return information and IRS-held information to their tax returns, and (4) allow taxpayers to elect to have their tax returns prepared by the IRS.
The bill also requires verification of taxpayer identity and requires the IRS to conduct an outreach campaign to provide the public with information about this bill's programs and software.