Tax-Related News


This year, the IRS processed over 90 million tax returns and paid nearly $81 billion in tax claims under the stimulus packages given by the government. But the IRS has given out millions of dollars in tax breaks that should not have been given, according to a Treasury Department report. According to the report, the IRS paid $111 million in false benefts under the government’s stimulus plan this year.

The report by the Treasury’s Inspector General for Tax Administration stated that most of these were tax credits given under the frst time homebuyers’ scheme to ineligible claimants where taxpayers who purchase new homes are eligible to receive up to $8,000.

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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.

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