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E-filing originally used the processing system developed in 1969 by the IRS but, since 2003, the IRS has been developing a new enhanced processing system called CADE. [ 7 ] For tax-filing season 2024, the IRS announced a pilot of Direct File , where people can calculate and submit their federal taxes and some state taxes in partnership with ...
Structuring, also known as smurfing in banking jargon, is the practice of executing financial transactions such as making bank deposits in a specific pattern, calculated to avoid triggering financial institutions to file reports required by law, such as the United States' Bank Secrecy Act (BSA) and Internal Revenue Code section 6050I (relating to the requirement to file Form 8300).
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [1]
The IRS Direct File program, which lets you prepare and file your federal return for free, is expanding to 25 states for the 2025 tax season.
After weeks of testing, an electronic system for filing returns directly to the IRS is now available to taxpayers from 12 selected states. The new system, called Direct File, is a free online tool.
After a year of delays, errors, staff shortages and all-around misery, the IRS wants to make it as easy as possible for taxpayers to manage their records and prepare their tax returns as filing ...
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