The Internal Revenue Service did not pursue up to $53 million in potentially improper claims for the Qualified Retirement Savings Contributions Credit, according to a new government report.
The report, from the Treasury Inspector General for Tax Administration, noted that since tax year 2012, the federal government has provided the tax credit, often referred to as the Saver’s Credit, to reduce the income taxes of certain low- to moderate-income workers who contribute to a qualified retirement plan. For tax year 2011, taxpayers received approximately $1.1 billion in Saver’s Credits. But if adequate controls are not in place to ensure compliance with all the requirements of the law, the IRS may not be able to detect potentially improper Saver’s Credits.
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