Paul Caron reports that the rumor that illegal immigrants received $4.2 billion in fraudulent Child Care tax credit payments from the IRS is true: Following up on last week’s post, Illegal Immigrants’ Child Tax Credit Fraud Costs IRS Billions: FactCheck.org, Tax Credits for Illegal Immigrants: Q: Does the IRS pay billions in tax refunds to [...]
Tags: Credits · Tax Crimes
Read Joe Kristan’s Hire a Vet, Fire Someone Else for yet another reason to distrust government. In it he tells of a new law, the VOW to Hire Heroes Act, which gives a tax credit to employers who hire veterans. A very nice gesture, don’t you think? Not so fast Kowalski. The geniuses on Capitol Hill failed to include [...]
Tags: Credits · Tax Policy
The Treasury Inspector General for Tax Administration (TIGTA) has issued another report on IRS inefficiency, which, no doubt, will be met by the Commissioner’s demand for more funding (see Related Posts, below). TIGTA reports that some taxpayers received multiple refunds for their First-Time Homebuyer Tax Credit claims, while others changed the acquisition date of their homes on their [...]
Tags: Credits · IRS procedure
For the love of common sense and decency can we please stop the waste and fraud before we demand that law-abiding citizens pay more taxes? From Paul Caron, here’s the latest depressing news from TIGTA about how the IRS isn’t doing its job: The Treasury Inspector General for Tax Administration today released Individuals Received Millions of Dollars in [...]
Tags: Credits · News · Tax Crimes
The Treasury Inspector General for Tax Administration (TIGTA) says that the IRS needs to crack down on Earned Income Tax Credit preparer fraud: The Internal Revenue Service needs to improve its ability to identify tax preparers who submit improper Earned Income Tax Credit claims, according to a new government report. The report, by the Treasury [...]
Tags: Credits · IRS Audits · IRS procedure · Tax Crimes
Alan Berube writing for Brookings thinks its a good thing that poor people can no longer get refund anticipation loans (RALs) (emphasis is mine): Last week’s… positive EITC development was IRS’ decision to suspend availability of the “debt indicator” next tax filing season. This indicator, provided to tax professionals, enables preparers to identify whether or not [...]
Tags: Credits · IRS procedure · Politics of Taxes
Kay Bell reports that the extension of the homebuyer credit was passed last night in the Senate: If you went to be last night freaking out that you wouldn’t be able to claim the first-time homebuyer credit, here’s some welcome wake-up news. It’s official. You now have three more months to finalize your home purchase. With [...]
Tags: Credits · Legislative Watch
