(CNBC) Next year, Americans will be able to file their individual tax returns on a postcard.
The GOP's long-promised change is an offshoot of a tax overhaul last year that cut corporate rates and changed individual tax brackets. On Friday, the Treasury Department and IRS unveiled the new postcard, which will replace the current forms 1040, 1040A and 1040 EZ.
Treasury Secretary Steven T. Mnuchin said in a statement, "The new, postcard-size Form 1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers.”
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