Tuesday, February 5th, 2013 @ 8:16PM

November 9, 2012

The Internal Revenue Service identified 39.1 percent more attempts at fraudulent tax refunds last tax season than in the prior year, leading to tax refund delays early in tax season.

Most tax refunds were processed on a timely basis last tax season, according to a new report from the Treasury Inspector General for Tax Administration, even though problems with tax credits and early-season refund delays presented significant challenges.

TIGTA found that as of April 28, 2012, the IRS had identified tax returns with $6.4 billion claimed in fraudulent tax refunds and prevented the issuance of $6.1 billion (95.3 percent) of the fraudulent tax refunds. That number represented a 39.1 percent increase in the number of fraudulent tax refund attempts identified as of the same period in 2011.

Full Article

Posted by Robert Strait
Categories: Online articles