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Make Me Smart

The IRS battles a fraud-plagued tax credit

Jun 22, 2024
MLB legend Reggie Jackson discusses racism faced in the '60s. IRS to reject most pandemic tax credit claims due to fraud. Debates on wedding plus ones, AI technology, Netflix House. Hybrid work impact on office policies. Surgeon General calls for social media warning labels.
21:36

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Podcast summary created with Snipd AI

Quick takeaways

  • The IRS plans to deny most pandemic tax credit claims due to rampant fraud, impacting struggling businesses.
  • States like Maryland are pardoning marijuana convictions to rectify past injustices, clearing records of 2.5 million Americans.

Deep dives

IRS Plans to Deny Pandemic Tax Credit Claims

The IRS intends to reject most claims for the pandemic tax credit for employers due to widespread fraud in the program. Businesses filed over 3.6 million claims, amounting to $232 billion, surpassing Congress's estimates. The IRS will deny a substantial portion of claims due to a high risk of fraud, affecting businesses that wrongly claimed the credit.

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