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Real time tax talk, take 2

For all you tax folk in Washington, D.C., mark your calendar for next Wednesday.

At 9 a.m. local time that day the Internal Revenue Service is holding its second public meeting on how it can implement "real time" handling of our tax returns. The agency conducted its first public outreach on this topic last month, so this upcoming event earns today's Follow-up Friday honors.

As you might recall, IRS Commissioner Douglas Shulman is a big fan of this change which would allow his employees to do upfront matching of tax returns when they are first filed.

That would let the IRS compare information submitted on a tax return with third-party information immediately during processing. Now the IRS operates on a look-back system, meaning tax return examiners don't get around to looking at our returns until after, and often long after, we file them.

An immediate review opportunity would allow for any filing discrepancies to be dealt with quickly. And that, says Shulman, would make his workers and taxpayers happier.

Irs_building_WDCBack in December, the IRS got comments on a real time tax system from consumer groups, tax professionals and state and federal government representatives.

During this second hearing next week, the IRS wants to hear from large and small business representatives, financial institutions, software providers and state revenue commissions.

The meeting will be the IRS Headquarters Building Auditorium (1111 Constitution Ave., N.W., in downtown D.C.). If you want to be there, e-mail your contact information to the IRS at [email protected] or call 202-622-3359.

Although the IRS is now a bit into social media and technological advances, I doubt the folks running the hearing will let you live Tweet the hearing. But if you do go, after it's over please drop me a note or post your observations in the comments section below. I and I'm sure the ol' blog's readers would love to know how it went.

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