Wednesday, September 2nd, 2009...1:35 am
IRS to Mine Payment Data on Mortgages
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“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.” more@WSJ.com
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