The Internal Revenue Service did not establish processes to verify eligibility for the Work Opportunity Tax Credit, according to a new government report.
In the report, from the Treaasury Inspector General for Tax Administration, TIGTA identified 759 WOTC claims totaling approximately $13 million on 687 tax returns processed in 2012 for which the IRS had information at the time the tax returns were processed that could have been used to identify these claims as questionable. The IRS reviewed 77 of the 759 WOTC claims to determine whether the WOTC was in fact potentially erroneous, and the IRS confirmed that 24 of the 77 were erroneous WOTC claims. The remaining 53 WOTC claims involved mistakes on the part of the filer or the pass-through entity.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access