Wednesday, December 23, 2009

“the IRS is unable to verify eligibility for the majority of Recovery Act benefits at the time a tax return is processed.”

The New York Times
Obama's administration's economic recovery plan passed by Congress in February as a means of stimulating the economy provides $252 billion in tax breaks to individuals and $74 billion to businesses.

According to a 17 page report by a watchdog agency, thousands of American taxpayers incorrectly claimed more than $500 million in tax benefits for first-time homebuyers.
"The watchdog agency also said Tuesday in a separate report that an I.R.S. program that has issued more than 14 million taxpayer identification numbers to immigrants is plagued with fraud that costs the government billions of dollars in improper tax refunds.

The report found that nearly 70 percent of such numbers should not have been issued because their applicants provided murky documentation. The numbers, called individual taxpayer identification numbers (ITIN), are typically used by immigrants who are not American citizens or by permanent residents who have entered the United States legally. "

As of July 25, the report said that 73, 799 taxpayers had claimed over $504 million in credits for the first time homebuyers program.

ITIN numbers are valuable because they can be used to claim federal tax credit refunds and obtain certain child tax credits. They can not be used to claim so security payments or earned income tax credit.

need I say it?

What I will say however, I looked up my Social Security number today and it turned out that my new name is "Heidi".

6 Comments:

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Merry Christmas and Happy Holidays.

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Merry Christmas to you and your family

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