Tax Processing Positives and Problems

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Since the beginning of tax season, the IRS has been busy receiving and processing tax submissions from billions of taxpayers. The mountainous work of sifting through tax returns to check for accuracy, identify fraud and process refunds is still ongoing. As of early April, the IRS has processed about 96 million tax submissions and issued nearly 81 million tax refunds amounting to $234 billion according to a report by the Treasury Inspector General for Tax Administration (TIGTA), the federal agency set up to provide independent oversight of the IRS.

Up to March 4, the IRS has been able to identify 335,341 fraudulent tax refund claims at a capture rate of 97%. This prevented a whopping $1.8 billion in false claims from being issued. This is a remarkable accomplishment in view of the fact that last year’s figure was only 119,484 fraudulent tax returns amounting to $721 million in false claims. These figures also show that the number of fraudulent returns has significantly increased.

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Published In: Administrative Agency Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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