What could go wrong?

With a new congressional “super committee” tasked with finding$1.5 trillion in cuts by November, creative ideas to find additional revenue are in high demand. And allowing the IRS to prepare you taxes could be one solution.

The idea has been around for a while. In 2006, Senate Finance Committee Chairman Max Baucus (D-Mont.) argued it would close a $345 billion annual difference between what the government believes taxpayers owe them and what the IRS actually collects, which he calls the “tax gap.”

“I think the solution [to the tax gap problem] is to get rid of the middle-man and no fees required,” he said.