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The paperless processing initiative ger ever need to send mail to the IRS.” 15% of Americans rely solely on mobile
will also unlock “other customer service • Use non-tax forms to request or phones for their internet access.
improvements,” Yellen stated, allow- submit information on a range of top- • Digitally process all paper-filed
ing “taxpayers to see their documents, ics, including identity theft and proof tax and information returns. This will
securely access their data, and save time that they are eligible for key credits and enable up to 76 million paper documents
and money.” deductions to help low-income house- to be processed digitally every year,
Other parts of the IRS will be able holds. This will allow “up to 125 million improving service, cutting processing
to “rely on these digital copies to pro- paper documents to be submitted digi- times in half, and expediting taxpayer
vide faster refunds, reduce errors in tax tally per year.” refunds by several weeks.
processing, and deliver a more seamless • E-File 20 additional tax forms, • Process digitally half of paper-sub-
and responsive customer service expe- which will enable up to 4 million addi- mitted correspondence, non-tax forms,
rience. And much more,” Yellen con- tional tax documents to be filed digitally and notice responses. This will allow
tinued. She urged Congress to provide every year. up to 60 million paper documents to be
stable and sufficient annual appropria- • Access at least 20 of the most used processed digitally every year. All paper
tions for the IRS in order to sustain and non-tax forms in digital, mobile friendly documents — correspondence, non-tax
build on this progress. formats that make them easy for taxpay- forms, and notice responses — will be pro-
By the 2024 tax filing season, the IRS ers to complete and submit. cessed digitally by the 2026 filing season.
said taxpayers will be able to: By the 2025 tax filing season, the IRS • Digitize up to 1 billion historical
• Digitally submit all correspondence, stated, it will: documents, giving taxpayers access
non-tax forms, and responses to notices. • Make available an additional 150 of to their data, and ultimately saving
As a result, the IRS estimates “more than the most used non-tax forms in digital, the IRS about $40 million in annual
94% of individual taxpayers will no lon- mobile-friendly formats. An estimated storage costs.

If You Owned a U.S. Dollar LIBOR-Based Instrument Between August 2007 and May 2010 A Settlement Totaling $90 Million Could Affect You
There are lawsuits impacting individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with 17 banks and that received payments tied to
U.S. Dollar LIBOR. A Settlement totaling $90 million has been reached with MUFG Bank, Ltd., The Norinchukin Bank, and Société Générale. Earlier settlements totaling $590 million were reached with
Barclays, Citibank, Deutsche Bank, and HSBC, bringing the total settlement amount to $680 million. The remaining Non-Settling Defendants include Bank of America, Credit Suisse, HBOS, JPMorgan
Chase, Lloyds, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, UBS, and Portigon.
What are the lawsuits about?
The litigation claims that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own profit, which resulted in class members receiving lower
interest payments for their U.S. Dollar LIBOR-Based Instruments from the banks than they should have. Plaintiffs assert antitrust, breach of contract, and unjust enrichment claims. MUFG Bank, Norin-
chukin, and Société Générale deny all claims of wrongdoing.
Who is included in the Settlement?
You are included if you (individual or entity) directly purchased certain U.S. Dollar LIBOR-based instruments from Bank of America, Bank of Tokyo-Mitsubishi, Barclays, Citibank, Credit Suisse, Deutsche
Bank, HBOS, HSBC, JPMorgan Chase, Lloyds, Norinchukin, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, Société Générale, UBS, and Portigon (or their subsidiaries or affiliates) in the
United States; and owned the instruments at any time between August 2007 and May 2010. The instruments in the Settlement Class include certain interest rate swaps, forward rate agreements, asset
swaps, collateralized debt obligations, credit default swaps, inflation swaps, total return swaps, options, and bonds/floating rate notes.
What does the Settlement provide?
The Settlement will create a Settlement Fund totaling $90 million that will be used to pay eligible Class Members who submit valid claims, as well as attorneys’ fees not to exceed one third of the gross
settlement, expenses not to exceed $5,500,000, and service awards to the Class Representatives not to exceed $100,000 per Representative. Additionally, MUFG Bank, Norinchukin, and Société
Générale will provide certain cooperation to the Plaintiffs in their ongoing litigation against the Non-Settling Defendants.
How can I get a payment?
You can submit a Proof of Claim online or by mail. The deadline to submit a Proof of Claim is December 15, 2023. You do not need to submit a Proof of Claim to share in the Settlement if you previously
submitted a valid Proof of Claim in the prior settlements and do not seek to modify or supplement your Proof of Claim. You are entitled to receive a payment if you have a qualifying transaction with any
of the following banks: Bank of America, Bank of Tokyo-Mitsubishi, Barclays, Citibank, Credit Suisse, Deutsche Bank, HBOS, HSBC, JPMorgan Chase, Lloyds, Norinchukin, Rabobank, Royal Bank
of Canada, Royal Bank of Scotland, Société Générale, UBS, or Portigon (or their subsidiaries or affiliates). You do not need to have transacted with MUFG Bank, Norinchukin, or Société Générale
specifically. At this time, it is unknown how much each Class Member who submits a valid claim will receive. Visit www.USDollarLiborSettlement.com for more information on submitting a Proof of Claim.
What are my rights?
If you are a member of the Settlement Class and you do not file a timely claim, you will lose your right to receive money or benefits from the $90 million settlement with MUFG Bank, Norinchukin, and
Société Générale unless you submitted a valid claim in a prior settlement in the OTC Action. If you would like to retain your right to file your own lawsuit against MUFG Bank, Norinchukin, or Société
Générale, you must opt out of the Settlement Class by September 29, 2023. If you stay in the Settlement Class, you may object to the Settlement by September 29, 2023.
The Court will hold a hearing on October 17, 2023 to consider whether to approve the Settlement and approve Class Counsel’s request of attorneys’ fees of up to one-third of the Settlement
Fund, plus reimbursement of costs and expenses and service payments to the Class Representatives. You or your own lawyer may appear and speak at the hearing at your own expense. More
information about the Settlement is available on the Settlement website, www.USDollarLiborSettlement.com, and in the Long Form Notice accessible on that website, or by calling 1-888-619-8688.

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