IRS issued $1 billion in bad refunds
The IRS sent out more than $1 billion in fraudulent refunds last year, according to the Treasury Department as reported in today’s Roanoke Times. Apparently the IRS does not have enough resources to pursue every tax fraud case. “The number of improper refunds filed appears to be growing rapidly,” said the report.
In addition, there is an estimated $290 billion per year gap between taxes owed and taxes actually paid. Fifty-seven percent of that comes from individuals understating incomes or overstating deductions and exemptions.
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