How Blockchain Technology Can Save The IRS

The IRS plans to spend $291 million updating 140 computer systems to help it implement the new tax law and a private blockchain platform will be at the center of this transformation. “For example, when a bank or financial institutions transfers 401(k) plan funds to an IRA, the transaction can be verified and reported by the parties on a blockchain so that the IRS will have immediate access to the data.  The same technology can be employed for almost all Form 1099 related transactions, which amount to over one billion dollars a year, according to the IRS.  Likewise, a digital ledger platform could let the IRS or other government regulators audit individuals or corporations in real time, giving them instant access to financial or tax return related data.Link

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