60M Americans have taxes so simple the IRS could do them automatically
It occurred to me the other day that if someone owes unpaid taxes, it is probably cheaper to wait for the IRS to send you an unpaid bill than to pay Turbo Tax. According to the IRS collection procedure [1], the interest on the unpaid amount is only 3% and the penalty is 0.5% per month. Unless the owed amount is really high, exceeding 10,000$, the bill due is still less than what they would pay for service at Turbo Tax which costs over 100$ easily nowadays.<p>[1] <a href="https://www.irs.gov/faqs/irs-procedures/collection-procedural-questions/collection-procedural-questions-3" rel="nofollow">https://www.irs.gov/faqs/irs-procedures/collection-procedura...</a>