Tax Time

Every year Americans procrastinate at the thought of filing their taxes. For Accountants, we cringe and stress at the thought of all the hard work needed to help millions of people file their tax returns. This year is especially stressful for both the person filing and the accountant preparing the tax return. The stress of the Federal Government shutdown has caused Americans to worry if they will have to wait longer than normal to receive refunds and accountants stress out knowing the tax forms could not be finalized and available for remittance as soon as they normally are. So how do we solve this problem and why do we all worry so much?

The Fix

The fix is simply to state but very hard to get implemented. The future of America's tax return filing and reporting of income and expenses could be done via the blockchain network. Imagine all income and expenses recorded in real time to a ledger the Federal Government could have access to once a year. There would be no longer a need for tax audits. No longer a need to worry about filing deadline. All the information would be accessed and verified via AI on the Blockchain. The infrastructure needed to build the monster network needed to handle all the information from businesses and individuals would be a massive undertaking to say the least. Data would be out in the open, no longer held hostage by those sneakily access it by whatever means necessary. Of course, this would require a tons of legislation, support and public trust which will likely never happen. Until then, we enjoy the show.