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IRS could be wasting even more taxpayer dollars than it reports

Source: https://foxbusiness.com/politics/irs-wasting-even-more-taxpayer-dollars - May 23, 2019

While it is known the IRS Opens a New Window. is having a hard time preventing overpayments to individuals claiming a tax Opens a New Window. credit typically awarded to low-income families, they could be underreporting improper payments being made to taxpayers claiming other credits, too.

A report from the Treasury Inspector General for Tax Administration released this week found that the agency is incorrectly rating the improper payment risk – or the likelihood that payments made were incorrect or should not have been made – associated with the Additional Child Tax Credit (ACTC), the American Opportunity Tax Credit (AOTC) and the Premium Tax Credit (PTC). The Premium Tax Credit is given to households that have obtained health insurance through a healthcare exchange in the tax year, while the AOTC is for reducing the costs of college.

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Category: General Business