.png)
IRS Wasted $5.6B On Bogus Obama Stimulus Tax Credits, Audit Finds
The IRS doled out more than $5 billion in potentially bogus college aid payments in 2012 under an Obama stimulus tax credit, according to a report Tuesday from the agency’s inspector general that said the administration still doesn’t have a good handle on how to root out erroneous claims.
Nearly 4 million students had questionable claims, totaling more than $5.6 billion in that one year alone, the Treasury Inspector General for Tax Administration said. At least half of the students never provided tuition statements showing what they paid, while others attended schools that didn’t qualify them for the tax credit.
Other students claimed the credit for more than four years, which should have automatically earned a rejection, the investigators said.
“The IRS still does not have effective processes to identify erroneous claims for education credits,” said Treasury Inspector General for Tax Administration J. Russell George, who said he has warned the IRS repeatedly about the problem, but “many of the deficiencies TIGTA previously identified still exist.”
IRS officials insisted they have taken some steps and said the inspector general was overestimating the total lost to bogus payments — but the officials did acknowledge more needs to be done.
Read the full story: www.washingtontimes.com
Join us - become an Elderado today at: LarryElder.com
Follow Larry Elder on Twitter
"Like" Larry Elder on Facebook
No comments:
Post a Comment
Comment Policy:
The author of this blog will attempt to engage in conversation via the comments section whenever possible and recognize the 24/7 nature of the internet. Moderating and posting of comments will occur during regular operational hours Monday through Friday. Comments submitted after hours or on weekends will be read and posted as early as possible, however admins and/or the author is unable to commit to replying to every comment posted.
This is a moderated blog. That means all comments will be reviewed before posting. In addition, it is expected that participants will treat each other, as well as the author and admin, with respect. Comments that contain vulgar or abusive language; personal attacks of any kind will not be posted. Comments that are spam or that promote services or products will not be posted. It is requested that all comments remain on topic.
The Elder Statement blog does not guarantee or warrant that any information posted by individuals on this blog is correct, and disclaims any liability for any loss or damage resulting from reliance on any such information. The Elder Statement blog may not be able to verify, does not warrant or guarantee, and assumes no liability for anything posted on this website by any other person. The Elder Statement blog does not endorse, support or otherwise promote any private or commercial entity or the information, products or services contained on those Web sites that may be reached through links on our Web site.
To protect individual privacy and the privacy of others, please do not include phone numbers, addresses or email details in the body of a comment. Such information will result in removal of a comment.
Thank you for your attention.
The Elder Statement