Audit: IRS Loses Billions Due to Stolen ID Numbers

Photo Credit: APTax cheats armed with stolen identification numbers are costing the Treasury billions of dollars a year, according to a new audit.

Treasury’s inspector general for tax administration says that, in 2011 alone, tax cheats were able to steal or falsely obtain some 285,000 employee identification numbers, which the IRS uses to identify a taxpayer’s business account.

In all, the IRS could be issuing around $2.3 billion a year in these sorts of false payments — or around $11.4 billion over a five-year span.

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