EITC Costing $7 Billion a Year in Fraud

The Government Accountability Office figures the US Treasury is cheated out of $2 billion a year by people falsely taking Earned Income Tax Credits (EITC). The GAO also reports that another $2 billion is lost because taxpayers misrepresent their marital status to get the EITC, and another $3 billion for people who falsely claim they meet residency requirements for the EITC. (WebCPA.com)