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(Accounting Today)   IRS: What do you want from us, anyway? We only improperly paid out 1 out of every 4 earned income tax credit claims, and that's like a piddling little $11 billion annual ripoff so quit your biatchin'   (accountingtoday.com) divider line 20
    More: Asinine, Earned Income Tax Credit, IRS  
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2083 clicks; posted to Politics » on 23 Apr 2013 at 11:06 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-23 11:43:14 AM
4 votes:

impaler: Link
Step 1: Deny 1 in 4 credits in audit
Step 2: Extrapolate denial rate to non-audited accounts
Step 3: Claim 11 billion in erroneous over-payment


It's even funnier that massaging the numbers to make the IRS look bad still pales in comparison to the tax breaks and subsidies corporations strong arm and bribe their way into receiving.
2013-04-23 11:39:54 AM
4 votes:
As this chart indicates, the IRS takes its mandate to reduce EITC overclaims seriously.
Given the IRS's limited resources, however, the large amount of effort the IRS devotes
to relatively low-yield EITC audits means that the agency is probably collecting less
overall revenue than a strategy of pursuing higher-yield audits would produce.
...
Reports of improper EITC payments may create concern about fraud. As noted earlier,
a refundable feature per se does not account for improper payments. Nor is there any
reason to believe that low income workers are particularly fraudulent.57 Instead, it is
frequently the case that the IRS denies proper claims because of lack of
documentation.58

...
[T]he National Taxpayer Advocate believes that the study overstates the
overclaim rate because it relied exclusively on the outcome of EITC audits. TAS
data suggests that audit outcomes are frequently incorrect and that a significant
number of entitled taxpayers are being denied the credit in error.67


Link
Step 1: Deny 1 in 4 credits in audit
Step 2: Extrapolate denial rate to non-audited accounts
Step 3: Claim 11 billion in erroneous over-payment
2013-04-23 11:19:07 AM
4 votes:
So, they are biatching about a loss that is equal to the tax subsidies of one Fortune 500 company.


LOL
2013-04-23 11:53:10 AM
3 votes:

plewis: Too bad the sequester made us reduce the man hours of the people who would do these audits.


It's almost like, for government to function properly, you need to hire workers and pay them to do all the administrative work.... And we wonder why the SEC isn't efficient at catching bad guys.
2013-04-23 11:46:44 AM
3 votes:
Too bad the sequester made us reduce the man hours of the people who would do these audits.
2013-04-23 01:52:22 PM
2 votes:
I am outraged that an agency stripped of manpower has an increase in the error rate!
2013-04-23 11:30:34 AM
2 votes:
$11billion?

That's like one week of bring democracy to Afghanistan.
2013-04-23 11:27:55 AM
2 votes:
Let's just get rid of the oil depletion allowance, and this $11 billion will look like a blip.
2013-04-23 02:57:00 PM
1 votes:

Gulper Eel: I don't like subsidies either, but the companies that got them did so through legal means. Weaselly and slimy means, but perfectly legal. Hate the game, not the player.


When the players create the game, I'm allowed to hate the players, too.
2013-04-23 02:50:47 PM
1 votes:

impaler: 2012 budget $3.538T
2012 GDP $15,000T

Looks closer to 24%

tenpoundsofcheese: hat is the wrong context
here is better link


soooo... you don't believe the raging socialists at Bloomberg, huh?  And you want me to believe some random graph photoshopped and put on some image hosting site?

As I said, who  (dailyfinance.com) needs (slate.com) facts (guardian.co.uk) when (those raging socialists at IEEE who will have you believe silly things like Ohm's law!) you have (All dem Marxists at the Wall Street Journal... and they point out that it is not just the spreadsheet error that says these twats are full of shiat)  beliefs?

Even when numbers are calculated correctly, building a sample large enough to produce meaningful results means applying the experiences of countries decades ago-when data quality may have been suspect-to very different countries today.

But beliefs are easier, aren't they?  Reality doesn't need to interrupt your rant.  You will be forever unencumbered by the thought process when you have beliefs..
2013-04-23 02:32:11 PM
1 votes:

tenpoundsofcheese: MyRandomName: tenpoundsofcheese: This is why we need more taxes.
So the government can waste more money.

/this is what liberals actually believe.

Combined government spending levels at 39.8% of GDP last year isn't that much.

It is when debt as a percent of GDP is at a level not seen since 1946.  Debt > GDP = not good.


Worring about GDP vs Debt during a recession and the immediate recovery is like worrying about exercising and losing weight, or cleaning the house, while you're sick with the flu or a long running illness. You need to relax, and eat the chicken soup, and wait until you're better before you tackle the issues.
2013-04-23 02:28:38 PM
1 votes:

tenpoundsofcheese: It is when debt as a percent of GDP is at a level not seen since 1946. Debt > GDP = not good.


We know that is true because the economists that said it based it on a spreadsheet that wasn't calculating correctly.

But that's ok, because we don't need facts when we have beliefs, amirite?
2013-04-23 02:09:07 PM
1 votes:

MyRandomName: Sergeant Grumbles: impaler: Link
Step 1: Deny 1 in 4 credits in audit
Step 2: Extrapolate denial rate to non-audited accounts
Step 3: Claim 11 billion in erroneous over-payment

It's even funnier that massaging the numbers to make the IRS look bad still pales in comparison to the tax breaks and subsidies corporations strong arm and bribe their way into receiving.

And yet every call to simplify the tax codes is blocked by democrats. The subsidies they give away are honest and needed.


How would you 'simplify' tax codes in such a way that doesn't cripple the economy or the lower and middle class?

We are a very complex and intricate society. Simple solutions are very inefficient. You're asking for the tax code equivalent of Education's Zero Tolerance policies.
2013-04-23 01:57:15 PM
1 votes:
This again.  The IRS has repeatedly asked congress to clarify the rules governing the EITC and congress has done nothing.  They produce these reports frequently to press the point.

This whole thing came up 6-8 months ago about EITC going to non-citizens.  Congress needs to fix the law, the IRS can't just change the rules themselves.
2013-04-23 12:54:42 PM
1 votes:
Call me when you find the $9 Billion that was "lost" in Iraq.
2013-04-23 12:49:33 PM
1 votes:

pdee: He was a bla man in his mid 20s about 5'5" maybe 130 Lbs.


Cool story, Rick. By the way, EITC tops out at about $5,000, so you're fully of shiat.
2013-04-23 12:20:20 PM
1 votes:

pdee: The EITC is pure BS.

/CSB = on


There are a ton of things wrong with what happened in that story, but the tax refund was by far the least of them
2013-04-23 12:19:37 PM
1 votes:
Increase accountability standards, cut staff, complain about failure to comply with accountability standards and respond with "Obama jackbooted thugs" to any proposal to hire more tax collection staff.  Is that about right?
2013-04-23 11:55:02 AM
1 votes:

Gulper Eel: How fast would your business go under if you farked up one out of every four transactions?


Wait, so the government should be run like a business?

Guess they need to jack the tax rates up significantly. Have to make a profit, you know.
2013-04-23 11:44:23 AM
1 votes:

Gulper Eel: Lost Thought 00: Oh noes, some poor people accidentally became slightly less poor!

How do we know the money went to poor people? The IRS didn't bother to check.


Because it's really really easy for the IRS to check that rich people don't claim the credit. Most of the errors are almost certainly on the margins of the credit's limits. And, as mentioned before, this doesn't even check the number of people who should have gotten the credit, but didn't. My guess is that the two roughly cancel each other out, otherwise this would have been noticed sooner by simple bottom-line checks
 
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