H&R Block CEO Addresses IRS, Treasury EITC Improper Payments Trends
On November 17, 2014, the U.S. Treasury Department released its annual financial report. Included in this report are estimates of the Earned Income Tax Credit (EITC) improper payment rate for the fiscal year ended September 30, 2014. The range for the error rate increased to 24.9 percent on the lower end to 29.4 percent on the upper end. In dollars, IRS estimates that it improperly paid between $16.2 and $19.1 billion of EITC. In a recent letter, H&R Block’s President & CEO, Bill Cobb, highlights an issue that Treasury and IRS officials have largely ignored to date – the migration of improper payments from paid preparer returns to self-prepared returns.
H&R Block, Inc. (NYSE: HRB) is the world’s largest consumer tax services provider. More than 650 million tax returns have been prepared worldwide by and through H&R Block since 1955. In fiscal 2014, H&R Block had annual revenues over $3.0 billion with 24.2 million tax returns prepared worldwide. Tax return preparation services are provided in approximately 12,000 company-owned and franchise retail tax offices worldwide by professional tax preparers, and through H&R Block Tax Software products. H&R Block Bank provides affordable financial services products. For more information, visit the H&R Block Newsroom at http://newsroom.hrblock.com/.
Tax Identity Theft is the largest growing identity theft crime and H&R Block is explaining what it is and how to fix it.
Tax identity theft is a multi-million-dollar business. In 2016, the IRS identified more than 1 million fraudulent returns.