Via Going Concern: The IRS Has Control Issues
Hey PCAOB, you got a break today (you're welcome) since it's my anniversary and all. How about we tear up the IRS on Going Concern instead? Yay!
The IRS is going after off-shore tax shelters and international banks to get its cut (presumably to make up for some tax revenue it has been missing out on in the last, oh, 8 years or so) but according to WebCPA, the IRS might want to tighten up its game on refunds.
It isn’t that the IRS is cutting checks for the heck of it - it turns out that the Treasury Department may need a quick refresher on controls for payments.
[The Treasury Inspector General for Tax Administration report] found problems in the IRS’s handling of taxpayer payments that are subsequently dishonored by the banks in which they are deposited. Dishonored payments are not processed by banks for a variety of reasons, the report noted, including insufficient taxpayer funds. The IRS occasionally issues a refund to a taxpayer who had submitted an overpayment of taxes before the IRS realizes that the taxpayer’s check has been dishonored by the bank. This results in the taxpayer receiving an erroneous refund.
If you want to read the rest, you'll just have to go get it over at Going Concern I guess. Suck it.