hypocritexposer
Well-known member
How many retired folks with savings is this going to catch in their web?
IRS to Mine Payment Data on Mortgages
September 01, 2009
Coming from the office of a known tax cheat owing well over 100K to the IRS, Timothy Geithner
By MARTIN VAUGHAN
WASHINGTON -- The Internal Revenue Service will expand a program designed to catch tax cheats that searches for inconsistencies between mortgage payments and income.
After prompting from an IRS auditor, the agency will study whether it should make greater use of data on mortgage-interest payments provided to it by banks. The IRS currently uses such data to send notices to non-filers who it believes should have filed a return.
The data could also be used to target for audits individuals who don't file tax returns, or who report less income than they paid in mortgage interest, according to a letter released Monday by the Treasury inspector general for tax administration.
"We shouldn't presume that these struggling families are tax cheats just because they continue to make their mortgage payments despite losing their income," said Rep. Charles Boustany (R., La.), the ranking minority member on the House Oversight Subcommittee.