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ACA: Controls Over Financial Accounting for the Premium Tax Credit Should Be Improved (PDF)
Treasury Inspector General for Tax Administration [TIGTA], U.S. Department of the Treasury 
Mar. 11, 2016 22 pages. "TIGTA found errors in the IRS financial accounting and reporting of PTC-related fund outlays.... The errors we identified were due to a programming miscalculation. The miscalculation was not caught due to insufficient testing of the financial system programming developed to account for the impact of the reconciliation of PTC fund outlays (disbursements). Due to this programming error, the IRS understated the amount of PTC disbursements and overstated the balance in the IRS PTC account by $447 million. Further, the error TIGTA identified in the financial accounting records, if left uncorrected, would have resulted in a misstatement of the Fiscal Year 2015 IRS financial statements refundable credits in excess of tax liability account." MORE >> |
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