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IRS squandering billions on improper tax credits

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A new government report says the IRS is making little progress in reducing improper payments of Earned Income Tax Credits — allowing more than $13 billion to slip through last year.

The IRS itself admits that roughly one-quarter of EITC payments were issued improperly in fiscal year 2013. The dollar value of these improper payments was estimated to be between $13.3 billion and $15.6 billion.

“The IRS can and must do more to protect taxpayer dollars from waste, fraud and abuse,” said J. Russell George, Treasury inspector general for tax administration.

On its EITC webpage, titled “It’s Easier Than Ever,” the IRS says the credit “help(s) you keep more of what you earned.”

“Don’t’miss out if you made less than $51,567 … even if you do not owe any tax or not required to file,” the page states in both English and Spanish.

TIGTA did not make any recommendations in its report.

IRS officials said they had received guidance from the Office of Management and Budget that will allow them to resolve the noncompliant areas identified by TIGTA.

See a Rasmussen survey showing why likely voters distrust the IRS.

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