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Millions of Dollars in Potentially Improper Self-Employed Retirement Plan Deductions Are Allowed (PDF)
Treasury Inspector General for Tax Administration [TIGTA] 
Mar. 30, 2014 "The overall objective was to determine whether the IRS's controls and third-party data are adequate to identify improper deductions for contributions made by self-employed taxpayers to their own SEP plan retirement account.... If the IRS improves controls, it could prevent improper deductions and potentially protect $71 million in revenue over five years. In addition, TIGTA found that the IRS could better use third-party data to detect potentially improper SEP deductions.... If the IRS improves controls, it could detect improper deductions and potentially realize $29 million in revenue over five years." MORE >> |
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