TaxPersonal TaxFalse tax refunds cost IRS $17.5m

False tax refunds cost IRS $17.5m

US taxman pays out millions in incorrect refund and stimulus payments

The Internal Revenue Service last year paid $16.3m in false tax refunds and
economic stimulus payments totaling $1.2m.

The $17.5m (£11.8m) has been highlighted in a report by the Treasury
department’s inspector general for tax administration (TIGTA), according to
webcpa.com

The report assessed the effectiveness of the IRS’s prevention of fraudulent
refunds and economic stimulus payments.

J Russell George, inspector general of TIGTA, said: ‘Although the amount of
erroneously identified stimulus payments is small in relation to the total
amount issued, TIGTA remains concerned that the existing controls pose a risk
that false refunds and stimulus payments will be erroneously issued in the
future.’

Further Reading:

Treasury
department’s inspector general for tax administration report

IRS
holds $1.3bn in unclaimed tax refunds

IRS
accelerates refund process for SMEs

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