Billions of Dollars May Be Lost Due To Identity Issues
What else can be expected from the government besides inept performance?
The Internal Revenue Service may be losing hundreds of millions of dollars because it won’t spend the time and money to match millions of income statements with incorrect or missing identification numbers to existing tax accounts, an IRS watchdog said Tuesday. The Treasury Inspector General for Tax Administration said that in 2004 the IRS received about 3.8 million miscellaneous income statements reporting some $150 billion in earnings that could not be computer-matched to a filed tax return because of missing or erroneous ID numbers.
