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St Louis Mortgage Broker and Lending News: Stimulus Contractors Owe Back Taxes
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A federal investigation has found that thousands of contractors who got stimulus money through Obama’s American Recovery and Reinvestment Act to do such things as build roads and provide social services owe more than $750 million in back taxes.
More than $24 billion in stimulus money went to some 3,700 contractors who still owe the federal government taxes, according to the report released Tuesday by the General Accountability Office, Congress’ watchdog agency.
Tax cheats accounted for 5 percent of 80,000 contractors who got stimulus dollars, the report said. Of the $750 million owed, about 55 percent of the taxes owed were corporate income tax, 27 percent was payroll taxes and 18 percent was other.
The investigators highlighted 15 cases of stimulus recipients who owed payroll taxes. Four were construction companies, recipients of more than $1 million in stimulus awards each, who owed between $400,000 to more than a million in mostly payroll taxes.
Investigators referred all 15 cases to the IRS, which has moved to crack down on those firms, filing tax liens, according to the report.
GAO investigators found that often the tax cheats didn’t receive the federal dollars directly. Those who were delinquent were subcontractors or they received stimulus dollars through a state grant process.
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