A recent announcement identified a scheme that could’ve cost taxpayers $3.5 billion in fraudulent payments. An investigation by the Treasury Inspector General for Tax Administration (TIGTA) found that individuals had obtained Employer ID Numbers (EINs) for businesses that may not be active. The EINs were used to file tax returns claiming Employee Retention Tax Credits and COVID-19-related credits for sick and family leave. TIGTA alerted the IRS, which implemented controls to thwart the scheme. “This is a great example of how TIGTA can save the federal government and taxpayers billions of dollars,” stated Acting Inspector General Heather Hill. For more: https://bit.ly/3UHaV4a
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