The IRS has reportedly destroyed the data of 30 million filers due to a backlog of paper filings in March 2021.
The news is particularly important because the IRS could end up owning incorrect data. What might appear as an easy fix to a minor problem could have sweeping implications for millions of Americans over the next few years.
Many value investors have given up on their strategy over the last 15 years amid concerns that value investing no longer worked. However, some made small adjustments to their strategy but remained value investors to the core. Now all of the value investors who held fast to their investment philosophy are being rewarded as value Read More
IRS Data Dump
Andy Palmer, co-founder and CEO at Tamr, Inc., a leading data mastering company, shared his thoughts, below:
The data that’s been lost from the IRS’ decision to destroy approximately 30 million tax records has understandably angered many. Businesses of all sizes, tax service providers, and individuals collectively spend millions of dollars attempting to maintain the cleanest, most accurate tax records. Insufficient, missing, or inaccurate tax documentation info can have serious ramifications, including stalling business productivity and growth, which is why tax systems must be built on clean, curated, and comprehensive data. Destroying millions of filers' data creates a minefield of issues for businesses and individuals with potentially irreparable consequences over the long term. While the full consequences are yet to be seen, individuals could experience delays in refund payments, while businesses could mistakenly receive tax notices and penalties that require immediate resolution.