Articles

$1.6 Billion Down, Only $3.6 Billion to Go:

In Accounting & Finances, Business, Taxes on November 25, 2013 by Sufen Wang Tagged: , , , , ,

taxfraudTIGTA Reports on Fraudulent Tax Refunds
The Treasury Inspector General for Tax Administration (TIGTA) recently released some great news: the IRS issued $3.6 billion in fraudulent tax returns in 2011.

Um. I know, that’s a whopping amount of money that should not have been handed out. But it is a pleasant change of pace from the $5.2 billion reported for tax year 2010 to a $3.6 billion in 2011.

handmoneyDespite the “improvement,” the IRS needs to step up its game and fix lingering problems identified by TIGTA. For example, a handful of tax refunds depositing to the same bank account should be a bright red flag. Apparently the IRS is color blind. But $3.6 billion is a little bit harder to ignore.

identity_theftAnd the agency does seem to lose track of time when it comes to identify theft cases. TIGTA reported that it took the IRS about 312 days to resolve tax-related identity theft cases. That’s like an anniversary… So the million dollar – well, actually billion dollar – question is what will the IRS do about these numbers?

Sufen Wang, M.S.Accountancy
Wang Solutions, Long Beach, CA (562) 856-0793
Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (562) 806-5805

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