Irs, Tax Return | featured news

A U.S. government crackdown on suspected identity thieves filing false tax returns stopped $1.4 billion in bad refunds from being sent out in calendar 2011, the tax-collecting Internal Revenue Service said on Tuesday.

The Internal Revenue Service has announced that it has now passed the one billion mark for individual tax returns processed through its electronic filing (or e-filing) program.

A federal shutdown looming Friday would stop processing of paper income tax filings to the IRS – at the height of tax season – and throw into question how cargo will be processed at the nation’s ports of entry and whether new claims for Social Security benefits will be authorized.

Life Inc.: The Internal Revenue Service said this week that it may have as much as $1.1 billion in refunds for people who did not file a tax return in 2007.