Here’s the next chapter and this one looks like it affects quite a few people so for those who don’t ask questions about something look strange that is automated to produce, you might want to think again. As I keep saying ask questions as flawed data and errors in math models and algorithms grow, we can’t rely on the accuracy we used to have as things are more connected and complex. That is also why we need a technologist running the SEC and not another attorney as they can’t walk and chew code and know where to go quick enough. There’s a lot to be said for on hands experience today in the Algo World. Here’s the link below to the series of blog posts that I started back in October of 2011, with the Occupy Movement being all about attacking algorithms running on servers 24/7. Knock yourself out with all the political stuff out there and get upset, but calm down and look at the core. You won’t find much in the media about this as the journalists have jobs to do and need ratings, so I don’t blame them at all as they need their jobs by all means and I wouldn’t be around if they were not reporting the news for sure, just like this story.
At the bottom of this blog are 4 videos that help explain what these processes are and I try to do my best to curate information that is good and yet hopefully simple enough to reach the layman and don’t feel bad if you don’t get all of it, if you get some of it, we are miles ahead. We are living in a data connected world and this software error between the IRS and tax preparers has to do with electronic filings so that’s why this is chapter 56 of the Killer Algorithm series. Time to fix some computer code relative to education tax credits and we all need those if we have them. BD
According to the Internal Revenue Service, about 10 percent of the roughly 6.6 million returns claiming this credit and processed between Feb. 14 and Feb. 22 this year are affected. Because of mistakes in Form 8863, used to claim education tax credits, the returns require additional IRS review. The IRS says that it is "working aggressively" with the involved software companies to address the situation.
An IRS statement did suggest that taxpayers who have already filed and included a Form 8863 should go to IRS.gov and click on the "Where's My Refund?" link. If they filed during the affected dates and do not get a refund date, the people should "contact their software provider to determine if they may be in the affected group."