The option of allowing taxpayers to split up their tax refunds into different accounts has increased the risk of fraud, perhaps even among IRS employees, according to a new government report.
The report, released Thursday by the Treasury Inspector General for Tax Administration, found that in calendar year 2011, more than 842,000 taxpayers took advantage of this “split refund” option, which the Internal Revenue Service first offered in 2007. Taxpayers are able to split their tax refunds between two to three different checking or savings accounts using Form 8888, Allocation of Refund (Including Savings Bond Purchases).
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