Will AI at the IRS Eliminate Tax Preparer Jobs at HR Block?
The IRS is figuring out how to provide an online tax return that you can file for free. It's part of the Inflation Reduction Act. No more tax preparers. The IRS has nine months to tell Congress how it's going to pull this off. It makes perfect sense if you think about it. The IRS collects all of the data about your income, right? They get your W-2, they get your 1099s, they get all the information about your income and your brokerage accounts, your IRA distributions. The IRS gets information about your dividends and interest earned, your capital gains. They get all this info.
If the IRS already has the data, why are they making us fill out forms to provide to them that they already have? And why are they making us pay professional tax preparers to fill out the forms? Makes perfect sense, doesn't it, that the IRS should be preparing tax returns on our behalf? Eliminating the need for us to fuss with our 1040 every year and eliminating the need for us to pay tax preparers. Yeah, if you're a tax preparer, I think you're obsolete. Give it 10 years. I don't think you're going to exist. You might want to rethink that accounting degree that your child is proposing to get in college.