Large dollar tax refunds may not get proper scrutiny, according to a recent report. The Treasury Inspector General for Tax Administration (TIGTA) audited the handling of tax refunds that exceeded $2 million for income, estate, gift and certain excise taxes for non-C-corporation taxpayers or exceed $5 million for C corporations. Tax law requires that such refunds be examined by the IRS and then reviewed by the Joint Committee on Taxation (JCT). The audit found 1,664 instances when refunds should’ve been examined but weren’t. TIGTA also noted that returns may be identified for potential JCT review but “not all cases are sent to the JCT when required.” Here’s the audit: https://bit.ly/2XND9wO
