The Treasury Department and IRS announced Friday officials are working on a new tax filing form that will be the size of a postcard.
"Delivering on the promise to simplify taxes for the American people, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) today announced that Americans will be able to fill out their individual income tax returns on a single postcard-size form for the 2019 tax season," the Departments released in a statement Friday. "The 2019 IRS Form 1040 will replace the current Form 1040, as well as the Form 1040A and the Form 1040EZ. The IRS circulated a copy of the new form and will work with the tax community to finalize the streamlined Form 1040 over the summer."
"This simplified Form 1040 will streamline tax returns so that all 150 million taxpayers can use the same form. The new form consolidates the three versions of the 1040 into one simple form. The IRS will still obtain the information from each taxpayer needed to determine their tax liability or refund," the statement continues.
President Trump regularly advocated for tax filing on a postcard during the 2016 presidential election. A number of Republicans, including House Speaker Paul Ryan, have been proponents of the idea for years. The ability for Americans to file taxes on postcard was also promised in the most recently passed Republican tax cut plan.
“As part of the historic Tax Cuts and Jobs Act, this Administration committed to making taxes simple and fair for American families. We are delivering on this promise,” Secretary Steven Mnuchin said about the move. “The new, postcard-size Form1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers.”
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