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OMB Declares IRS Earned Income Tax Credit “High Risk” Program

On Behalf of | May 24, 2016 | IRS |

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.”

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