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Tuesday, May 24, 2011

GAO: Contractors Receiving $24b in Stimulus Funds Owe $750m in Back Taxes

GAO Logo In conjunction with today's  Senate Permanent Subcommittee on Investigations hearing on Stimulus Contractors Who Cheat on Their Taxes: What Happened?, the Government Accountability Office released Thousands of Recovery Act Contract and Grant Recipients Owe Hundreds of Millions in Federal Taxes (GAO-11-485):
At least 3,700 Recovery Act contract and grant recipients—including prime recipients, subrecipients, and vendors—are estimated to owe more than $750 million in known unpaid federal taxes as of September 30, 2009, and received over $24 billion in Recovery Act funds. This represented nearly 5% of the approximately 80,000 contractors and grant recipients in the data from www.Recovery.gov as of July 2010 that GAO reviewed.
(Hat Tip: Bob Kamman.)

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