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Thread: IRS paid $513M in undeserved homebuyer tax credits

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    Senior Member luvmylabs23139's Avatar
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    Default IRS paid $513M in undeserved homebuyer tax credits

    WASHINGTON The Internal Revenue Service has paid out more than a half-billion dollars in homebuyer tax credits to people who probably didn't qualify, a government investigator said Friday.
    Most of the money about $326 million went to more than 47,000 taxpayers who didn't qualify as first-time homebuyers because there was evidence they had already owned homes, said the report by J. Russell George, the Treasury inspector general for tax administration. Other credits went to prison inmates, taxpayers who bought homes before the credit was enacted and people who did not actually buy homes.
    "The IRS has taken positive steps to strengthen controls and help prevent the issuance of inappropriate homebuyer credits," George said. "However, many of the actions occurred after hundreds of thousands of homebuyer credits had already been issued, including fraudulent and erroneous credits totaling millions of dollars."

    Full story at the link below.



    http://news.yahoo.com/s/ap/20110415/...yer_tax_credit
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    Wouldn't the right thing to do be go after the people that committed the fraud and prosicute them then place a lien on anything they own or garnish wages they make???????????

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    Senior Member M&K's Retrievers's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    WASHINGTON The Internal Revenue Service has paid out more than a half-billion dollars in homebuyer tax credits to people who probably didn't qualify, a government investigator said Friday.
    Most of the money about $326 million went to more than 47,000 taxpayers who didn't qualify as first-time homebuyers because there was evidence they had already owned homes, said the report by J. Russell George, the Treasury inspector general for tax administration. Other credits went to prison inmates, taxpayers who bought homes before the credit was enacted and people who did not actually buy homes.
    "The IRS has taken positive steps to strengthen controls and help prevent the issuance of inappropriate homebuyer credits," George said. "However, many of the actions occurred after hundreds of thousands of homebuyer credits had already been issued, including fraudulent and erroneous credits totaling millions of dollars."

    Full story at the link below.



    http://news.yahoo.com/s/ap/20110415/...yer_tax_credit
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    Senior Member TxHillHunter's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    WASHINGTON The Internal Revenue Service has paid out more than a half-billion dollars in homebuyer tax credits to people who probably didn't qualify, a government investigator said Friday.
    Most of the money about $326 million went to more than 47,000 taxpayers who didn't qualify as first-time homebuyers because there was evidence they had already owned homes, said the report by J. Russell George, the Treasury inspector general for tax administration. Other credits went to prison inmates, taxpayers who bought homes before the credit was enacted and people who did not actually buy homes.
    "The IRS has taken positive steps to strengthen controls and help prevent the issuance of inappropriate homebuyer credits," George said. "However, many of the actions occurred after hundreds of thousands of homebuyer credits had already been issued, including fraudulent and erroneous credits totaling millions of dollars."

    Full story at the link below.



    http://news.yahoo.com/s/ap/20110415/...yer_tax_credit
    It's okay....I'm SURE that our the crack team handling the investigations against fraud associated with the Affordable Care Act will be much better than the guys at the IRS.

    And yes, that is sarcasm.

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