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NY stops $400 million in fraudulent tax return claims

NY stops $400 million in fraudulent tax return claims

The New York State Department of Taxation and Finance halted more than 239,000 suspicious refund claims during income tax season, which saved more than $400 million, an 18 percent increase over the same time last year.

The state uses predictive analytics to review personal income tax returns and determine when a refund request should be processed or postponed for further review. With this model, the state has saved more than $4 billion since 2003.

“The system enables us to target our efforts at questionable claims while efficiently processing the vast majority of returns,” New York State Commissioner of Taxation and Finance Jerry Boone said

Last year, New York  rejected 286,777 refund requests, which saved more than $500 million. Since 2008 the state has been able to save at least $248 million per year with more than 181,000 refund requests being rejected annually.

Posted by Derek Major on May 03, 2016 at 1:46 PM


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