Easier Electronic Tax Filing and Credits for Employers
This act aims to simplify and automate the electronic filing process for employment taxes for businesses. It introduces financial incentives for companies that switch to electronic filing and imposes fees for paper submissions to accelerate digitalization. This should make life easier for entrepreneurs and streamline communication with the tax office.
Key points
Employers will gain access to a fully automated electronic system for all employment tax filings and payments.
Businesses filing and paying electronically for the first time may receive a $1,000 tax credit, with another $1,000 available for a chosen quarter in the following year.
A $250 fee will be imposed for each paper submission of employment tax returns, with exceptions for certain circumstances (e.g., lack of internet access, emergencies, first two paper filings).
The act seeks to reduce reliance on paper documents and make electronic filing the most convenient and efficient method for tax compliance.
Introduced
Additional Information
Print number: 119_HR_6458
Sponsor: Rep. Malliotakis, Nicole [R-NY-11]