IRS handed out $12 billion in fraudulent tax returns, study says

The IRS is missing a possible 1.5 million fraudulent tax returns according to a study by the Treasury Inspector General for Tax Administration.

The nation's tax agency detected $6.5 million in tax return fraud during 2011, but the new study suggests the agency is missing an additional $5.2 million in fraud.  The IRS is expanding its efforts to detect and prevent tax return fraud, but the inspector general's office said it was concerned the agency could hand out $21 billion in fraudulent tax returns over the next five years.