BUSINESS
04/25/2013 12:39 pm ET

IRS Issued More Than $11 Billion In Botched Payments In 2012: Report

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If you're not already annoyed by the Internal Revenue Service, maybe this will change how you feel.

The government agency issued more than $11 billion in botched payments last year through the the Earned Income Tax Credit program, a report from Treasury Department deputy inspector general Michael McKenney reveals.

The agency found that at least 21 percent of payments made through the EITC program were inaccurate in 2012. The errors could total up to $13.6 billion.

This is far from the first costly mistake the IRS has made. The agency has issued anywhere from $110.8 to $132.6 billion in improper EITC payments over the last decade.

In 2010, President Barack Obama attempted to curb the amount of money wasted by federal agencies on incorrect payments, but the Treasury Department has failed to keep its erroneous payments down. Collectively, federal agencies issued an estimated $115 billion in faulty payments in 2011.

The EITC is a tax refund for low and moderate income working families. Close to 27 million people received roughly $59.5 billion due to the credit in 2011, according to CNNMoney.

(h/t the Washington Post)

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