This bill aims to make it easier for employers to file their employment taxes electronically, reducing reliance on paper forms. It also encourages electronic filing by offering tax credits to employers who use this method.
If you are an employer, you could save $1,000 by switching to electronic tax filing for the first time.
Who this affects
employers filing tax returns
What changes is this bill making?
1This bill requires the Internal Revenue Service to create a fully automated electronic filing process for employment taxes.
2Employers can file all necessary tax forms electronically, including amended returns, within one year of the bill's passage.
3The bill offers a tax credit of $1,000 to employers who first file their employment taxes electronically.
4Employers can receive the credit again in the following year for another quarter of electronic filing.
5If an employer fails to file electronically after receiving the credit, they must repay the amount.
