TREASURY EQUITY ACTION PLAN PART TWO

Treasury equity action plan part two. The Treasury and IRS are looking at ways to to make the tax system better, and fairer to taxpayers. They have started the "Equity Action Plan: One Year Progress Report", which will detail the progress on the plan. The data will then be used to validate statistical studies at the microdata level where legally feasible, while respecting "long standing data protection protocols to prevent disclosure of taxpayer information", and in the aggregate where necessary. Practically, such data will figure in published studies beginning later this year of the racial, ethnic, and other demographic characteristics of recipients of the first two rounds of economic impact payments distributed by the IRS in 2020. Results on the third round on EIP's in 2021 will follow next year. Treasury equity action plan part two.

The data will help inform tax policy as it is being made by legislation and guidance and its administration, to better implement existing laws. Treasury listed existing EIP's among its accomplishments so far under the action plan, noting the IRS distributed more than 170 million EIP's totaling more than $400 billion. The report also noted that, under ARPA, "many families in Puerto Rico are eligible for the full CTC benefit for the first time." Many Puerto Ricans are not required to file income tax returns, however, so outreach to taxpayers there "will require significant engagement" going forward, the report said. Separately, the IRS issued a statement noting that Puerto Rican taxpayers with qualifying children and no tax liability will be able to claim the CTC on 2021 returns long after the end of the filing season.

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