The Treasury Inspector General for Tax Administration is an official Treasury Department watchdog that reports on the IRS. In the last few years, that is a big job. There has been no shortage of scandals, from targeting to lavish spending, to bonuses, and more. This time, the Inspector General has issued a new report revealing some big errors involving tax credits. The report reveals that the IRS doled out $3 billion in erroneous business tax credits to corporations that did not qualify. The tax credits are for business taxpayers, and covered such varied activities as providing childcare for their employees’ children. In 2013, corporations claimed more than $93 billion worth of tax credits, the report reveals. But it turns out many of those credits were wrong. In over 3,000 electronically filed corporate tax returns, there were potentially erroneous credits.
IRS Admits to $10Billion Dollar Mistake - Illegal Activity Inside The Agency
From Forbes:
The Treasury Inspector General for Tax Administration is an official Treasury Department watchdog that reports on the IRS. In the last few years, that is a big job. There has been no shortage of scandals, from targeting to lavish spending, to bonuses, and more. This time, the Inspector General has issued a new report revealing some big errors involving tax credits. The report reveals that the IRS doled out $3 billion in erroneous business tax credits to corporations that did not qualify. The tax credits are for business taxpayers, and covered such varied activities as providing childcare for their employees’ children. In 2013, corporations claimed more than $93 billion worth of tax credits, the report reveals. But it turns out many of those credits were wrong. In over 3,000 electronically filed corporate tax returns, there were potentially erroneous credits.
The Treasury Inspector General for Tax Administration is an official Treasury Department watchdog that reports on the IRS. In the last few years, that is a big job. There has been no shortage of scandals, from targeting to lavish spending, to bonuses, and more. This time, the Inspector General has issued a new report revealing some big errors involving tax credits. The report reveals that the IRS doled out $3 billion in erroneous business tax credits to corporations that did not qualify. The tax credits are for business taxpayers, and covered such varied activities as providing childcare for their employees’ children. In 2013, corporations claimed more than $93 billion worth of tax credits, the report reveals. But it turns out many of those credits were wrong. In over 3,000 electronically filed corporate tax returns, there were potentially erroneous credits.
