The Treasury Inspector General for Tax Administration (TIGTA) released an audit report on May 19, 2016 in which it claims that “billions of dollars in potentially improper payments will continue to go unaddressed unless the Internal Revenue Service (IRS) is allowed expanded error correction authority,” referring to the Earned Income Tax Credit (EITC) Program. The Office of Management and Budget (OMB) considers the EITC the IRS’ only high-risk revenue program. According to the TIGTA report, “The IRS estimates that 23.8 percent ($15.6 billion) of EITC payments were issued improperly in Fiscal Year 2015.”
For more information on this issue, click here.
To read the full TIGTA report, click here.