IRS Makes Billions of Dollars of Wrong Earned Income Tax Credit Payments

I find this shocking. If the government wants to know where to focus IRS audit efforts it should take a look at the earned income credit program. I’m sure there are plenty of needy people who benefit from the program, but the abuse is outrageous.

“In all, the IRS said it wrongly distributed as much as a quarter of Earned Income Tax Credit (EITC) payments, to the tune of between $11.6 billion and $13.6 billion, according to Treasury’s inspector general for tax administration. Between 2003 and 2012, the IRS erroneously paid out at least $110.8 billion and as much as $132.6 billion, the new report says.”

Read more: http://thehill.com/blogs/on-the-money/domestic-taxes/329879-audit-irs-allowing-billions-in-improper-tax-payments#ixzz2iYOXWC6X

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