An audit from the Treasury Inspector General for Tax Administration (TIGTA) calls for refining “complex and inconsistent” rules for the earned income tax credit (EITC) and the additional child tax credit (ACTC). The audit evaluated the reasons for disallowance of the credits’ claims. An analysis of 698,000 tax returns with an automated review claiming one of the credits found that almost 476,000 (or 68%) of the returns contained an income reporting discrepancy. The IRS adjusted the credits (totaling more than $1.1 billion) on 432,500 (or 91%) of the 476,000 returns. The audit found that addressing issues with eligibility could reduce errors and fraud. Read the audit: https://bit.ly/3oIaEyq Call or visit our website for more information! www.mjscpa.com/
