ACA Tax Credit System Needs Better Security, Watchdog Says

Law360, New York (December 3, 2013, 5:18 PM EST) -- Although the Internal Revenue Service successfully developed a computer system that calculates automatic tax credits under the Affordable Care Act, the system needs improvements to security, fraud detection and accuracy, according to an IRS watchdog report released Tuesday.

The U.S. Treasury Inspector General for Tax Administration's nine-month study of the IRS' computerized tax credit calculation and qualification system found that the agency's lack of an anti-fraud system could result in ACA taxpayer refunds based on fraudulent financial information.

“Without a fraud detection and mitigation strategy, the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.