What are the benefits and drawbacks of exact withholding? Q.What are the benefits and drawbacks of exact withholding? A.An exact-withholding system could ease the burden of tax compliance on many individuals, especially if it were accompanied by substantial simplifications to the tax code. Potential drawbacks include a heavier administrative burden for those charged with withholding income tax and for government collection agencies. Read more about What are the benefits and drawbacks of exact withholding?
How do the impacts of tax policies vary by race and ethnicity? Q.How do the impacts of tax policies vary by race and ethnicity? A.The IRS does not ask for tax filers’ race or ethnicity on tax forms, but that does not mean the tax system affects people of different races and ethnicities similarly. Read more about How do the impacts of tax policies vary by race and ethnicity?
What is Direct File? Q.What is Direct File? A.Like the Free File program, a direct file program would provide taxpayers with access to free software that would prepare and electronically submit their returns to the IRS. But, unlike the Free File program that operates through private companies, a direct file program would be developed and run by the IRS. Read more about What is Direct File?