senator. Elizabeth Warren The Massachusetts Democrat announced that her bipartisan IRS MATCH Act, aimed at simplifying tax filing and increasing transparency for American taxpayers, has been officially signed into law.
Warren posted on X on Thursday that her new bill would ensure that “math errors” in tax returns don’t cost taxpayers “a fortune or hours of work.”
The legislation essentially requires the IRS to explain where filers have made errors on their tax returns and, if necessary, provide instructions on how to challenge them.
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“Over the years, making even a small math mistake on your taxes can become a major headache,” Warren said in a video accompanying the post. “The IRS will tell you your tax return is wrong, but they won’t tell you what went wrong, and they certainly won’t tell you how to fix it.”
Warren described her bill as a common-sense reform that would save Americans time and money. “This means there is no longer a need to spend a lot of money hiring a lawyer or spending a lot of time looking for errors in your tax return.”
Making a math mistake on your taxes won’t cost you a ton of money or hours of work.
That’s why my bipartisan IRS Math Act, just signed into law, makes sure you know where you’ve made a mistake and how to fight back if the IRS makes a mistake. pic.twitter.com/AHqSBA6Enz
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Leading Tax Preparation Firm, H&R Block (NYSE: HRB ) fell 1.52% on Thursday and was unchanged after the bell, while rivals in the space, Intuit (NASDAQ: INTU ) rose 1.23% after falling 0.26% overnight.
It’s unclear whether the legislation affected stock price movements. However, both companies have long records of lobbying against simplified tax filing, such as the IRS Free Filing Program and other direct filing proposals over the years.
Intuit spent nearly $3.8 million on lobbying in 2024, while H&R Block spent $3.1 million, according to federal disclosures.
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