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How Seven People Tried to Scam $600M from the IRS
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Subscribe30 JAN 2025 / ACCOUNTING & TAXES
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A group of seven individuals were caught attempting to defraud the US government's pandemic relief fund of $600 million through fraudulent tax returns, using a credit repair business, Credit Reset, and shell companies to file for business-related support with the Employee Retention Credit (ERC), Paid Sick and Family Leave Credit (SFLC), and Paycheck Protection Program (PPP). Authorities, having recovered at least $45 million of the intended loot, note this case highlights considerable loopholes enabling fraud within hastily implemented relief programs and predict stricter vetting processes and AI-facilitated detection tools in future.
When the government dropped billions in pandemic relief funds, the goal was simple: help businesses stay afloat, keep employees on payroll, and support families. What could go wrong, right? Well, a group of seven individuals tried to turn these well-meani...
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