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Friday, November 8, 2013 - 9:53am
Identity thieves made a fortune off the IRS last year. According to an Inspector General Report, the IRS paid out three-point-six-billion-dollars in fraudulent tax refunds to the thieves, but that's down from the more than five-billion dollars the agency paid out the year before.
An audit by the Treasury Inspector General for tax administration also found the IRS failed to prevent more than a million potentially fraudulent tax returns for 2011 from being processed. That includes 55-hundred fraudulent returns filed by a single tax preparer, for a refund of nearly 27-million dollars!
Still, the report said the IRS is improving. The agency caught more than 12-million suspicious returns in the last two years and earlier this year, it arrested hundreds of identity theft suspects in a series of raids.