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A COVID-Era Program is Awash in Fraud Congress Aims to Wind it Down and Expand the Child Tax Credit
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A COVID-era program is awash in fraud Congress aims to wind it down and expand the child tax credit
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Congress eyes end to fraud-plagued tax break
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A whistleblower has estimated that a staggering 95% of claims for a COVID-era tax break program for businesses are fraudulent. As a result, lawmakers are urgently working to wind down the program to minimize losses. The program s cost has ballooned to nearly five times the expected amount, prompting bipartisan agreement that it must be closed down. Lawmakers are proposing more rigorous oversight and penalties to mitigate fraud, aiming to use the savings to fund other business tax breaks and a more generous child tax credit.
A whistleblower has estimated that a staggering 95% of claims for a COVID-era tax break program for businesses are fraudulent. As a result, lawmakers are urgently working to wind down the program to minimize losses. The program s cost has ballooned to nearly five times the expected amount, prompting bipartisan agreement that it must be closed down. Lawmakers are proposing more rigorous oversight and penalties to mitigate fraud, aiming to use the savings to fund other business tax breaks and a more generous child tax credit.