The Internal Revenue Service was not in compliance with all requirements of a 2010 law that increased agency accountability for reducing improper payments in federal programs, according to a new report that cited the high rate of improper payments for the Earned Income Tax Credit.
The report, released publicly Monday by the Treasury Inspector General for Tax Administration, found that the only program the IRS has identified for improper-payment reporting is the Earned Income Tax Credit Program. The IRS estimates that 21 to 25 percent of EITC payments were issued improperly in fiscal year 2012. The dollar value of these improper payments was estimated to be between $11.6 billion and $13.6 billion.
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