Wednesday, September 28, 2022

Too much money in government hands

IRS sent $1.1BN in tax credits to 1.5m people who SHOULDN'T have received them - and failed to send $3.7BN to 4.1m eligible households last year as part of pandemic package

  • The IRS dished out more than $93 billion in child tax credits in the second-half of 2021, but $1.1 billion were incorrectly sent out to 1.5 million people 
  • The agency also failed to send out $3.7 billion to 4.1 million eligible households
  • The IRS said a computer programming error caused some of the mistakes, but that the issues were being resolved as the mistakes were flagged 
  • It's the latest error from the agency after it inadvertently published confidential information 120,000 taxpayers' retirement accounts earlier this month

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