The US taxman had been warned about potentially catastrophic problems with
its new computer system two months before it began paying out an estimated $200m
(£101m) in fraudulent or erroneous tax refunds, according to reports.
An unpublicised warning in November 2005, along with others, was discovered
Last spring, an upgrade of the system to protect
the IRS from fraudulent
claims was discovered to have failed, however, the old system could not be
switched on again.
As the 2007 tax season looms in the US, the old system is being restarted to
process tax returns.
Colin responds to the call for 'Darwinism' in accountancy
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast