The WSJ article pointed out two types of theft.
Treasury is losing billions
to fraudulent tax refunds, not stolen electronic refunds. Article made clear
that IRS will replace stolen electronic refunds only if bank that received
the stolen refund reimburses IRS.
In your original post you listed 4 checks
the IRS could use to avoid stolen refunds. The last three would be fairly
simple for IRS to implement. If they aren't, then we're looking at a
bureaucratic behemoth that can't solve problems efficiently.
Article also
pointed out IRS has huge backlog of fraudulent refunds. They're putting
limited resources into it. Possibly they view likelihood of recovery is slim?
The longer IRS waits to take action, the more unlikely they'll recover.
Joe Blow taxpayer with a house and kids doesn't file a totally fraudulent tax
return. A professional thief does and isn't going to leave a lot of
fingerprints.
Or possibly the value of "money" has become so distorted?
Fed takes in 2 trillion in tax revenue annually. How big a deal is a 5 billion
loss? [ Reply to This | Parent | # ]
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