I do my family’s federal taxes by Valentine’s Day as we have two kids in daycare, and the refund is a nice means of forced savings that pays for a couple of months of day care with psychologically bucketed “Extra” money. People who are anal retentive or OCD(ish) tend to file early as well as [Read more...] This space reserved for your ad.
The IRS refunded nearly $4 billion to potential identity thieves in tax year 2011. That was the conclusion of a recent report from the agency’s inspector general. The federal tax collecting agency even sent 655 refunds (totaling $220,489) to one address in Lithuania and 343 refunds ($156,533) to one address Shanghai, China. Show More Summary
Two men pleaded guilty to participating in a $65-million case of identity theft-tax refund fraud, US authorities said. ||| Washington - Two men pleaded guilty to participating in a $65-million case of identity theft-tax refund fraud, US authorities said on Thursday, in one of the largest schemes of its sort yet uncovered. Show More Summary
The New York man behind a five-year identity theft tax refund scheme that cost the U.S. Treasury more than $12 million is headed to jail. Jose Torres, 47, of the Bronx, pleaded guilty in U.S. District Court in Newark, N.J., to conspiracy to defraud the United States, theft of government property and aggravated identity theft. Show More Summary
If you’ve ever waited anxiously for a tax refund that never came, reports of crooks getting millions of bogus refunds are irksome. And every year it seems to get worse. Stolen identity tax-refund fraud causes more than $2 billion in losses to the U.S. Still, it is hard to understand how scams involving the tax system [...]
About half of all nonpayers receive refundable tax credits even though they have no income tax liability. This means that, in addition to recouping every dollar withheld from their paycheck during the year, they also receive a subsidy check from the IRS. Show More Summary
The Treasury Inspector General for Tax Administration today released The Law Which Penalizes Erroneous Refund and Credit Claims Was Not Properly Implemented (2013-40-123): Congress enacted the erroneous claim for refund or credit penalty (referred to as the erroneous refund penalty) to enhance the IRS’s ability to address the growing number...
Here's the good new: the Internal Revenue Service believes it's not handing out quite so many billions of dollars to identity hieves as it used to. Yay, IRS. Your government at work: hectoring you about your supposed obligation (and even delight!) to cough up the goods to Uncle Sam while handing out free money to con artists. Show More Summary
Last week, we wrote about an inspector general’s report that said the Internal Revenue Service gave away nearly $4 billion in fraudulent tax refunds to identity thieves, with hundreds of payouts apiece going to single addresses in countries such as Lithuania, Bulgaria and China. A separate IG analysis released in September cited long delays in closing […]
(WASHINGTON) — A Treasury report says the Internal Revenue Service issued $4 billion in fraudulent tax refunds last year to people using stolen identities. Many refunds were sent overseas, including 655 sent to a single address in Lithuania. Show More Summary
BlackBerry nearly escaped a buyout earlier this fall. Now, an infusion of cash is giving the company new hope... and a big tax refund check from the government might boost the company's coffers even higher.
The IRS paid out between $12 and $13 billion in bogus tax credits in 2012, $132 billion over the last decade. So says the Treasury Inspector General for Tax Administration. He claims the IRS is violating Executive Order 13520, which President Obama signed to reduce improper payments. Show More Summary
He was a pickpocket and petty thief. He served time. He kicked cocaine and alcohol. He turned his life around. And when temptation struck… Sherman O.T. Powell stood like a statue in his tiny, bare-bones Harlem apartment a few weeks ago. He was paralyzed with disbelief. In his hand was a tax refund check — […]
The government shutdown could cause delays in tax season early next year, but there are ways for you to get access to some of your money.
The IRS has had a string of recent failures, but paying out bogus refunds is particularly embarrassing. The IRS knows it is happening, knows which tax credits and refunds are targeted, and still can’t seem to stop it. President Obama even called for a fix back in 2009 in an executive order. The IRS is [...]
If you thought the impact of the recent government shutdown on U.S. businesses was over, well, think again. The Internal Revenue Service announced this week it would delay acceptance and processing of tax filings from January 21 to between January 28 and February 4. Show More Summary
It's bad news for retailers and consumers: Those big tax refunds they're counting on to boost sales and pad bank accounts are going to take a little longer.Due to the government shutdown, the IRS will delay the start of the tax filing season by one to two weeks. Show More Summary
The delay in the IRS's tax filing season will make families who urgently need refunds wait longer. The post How The IRS’s Shutdown-Induced Delay Will Hurt The Poor appeared first on ThinkProgress.
Tax season will be delayed two weeks because of the government shutdown. The Internal Revenue Service announced the delay on Tuesday, explaining the delay is related to the department’s refunds for early filers. The IRS won’t start processing 2013 tax returns until January 28, at the least, though the department explained it could begin as... Show More Summary