EITC Errors Cost IRS Billions Per Year

Internal payments controls for the Earned Income Tax Credit (EITC) system have led to billions of dollars in annual losses at the Internal Revenue Service (IRS), The Atlanta Journal-Constitution reports.

During the 2012 fiscal year, the IRS released $62 billion in EITC payments. The agency indicated in a recent IG report that that approximately 21 to 25 percent of these payments were erroneous, equal to about $12 billion.

To learn more about the IRS losses, read the full report here. 

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