All articles tagged with #fraudulent claims
The recent spike in US jobless claims was a false alarm caused by fraudulent filings in Texas, and claims have since decreased, indicating that layoffs remain low despite signs of a slowing labor market. The Federal Reserve's rate cut reflects concerns about economic growth, but the job market is expected to improve next year if conditions stabilize.
A woman claiming to be Cherrie Mahan, who went missing in 1985, has been dismissed as fraudulent by Mahan's mother and is under investigation by Pennsylvania State Police. The woman was removed from a Facebook group dedicated to Mahan after accusations of harassment. This is the fourth such claim since Mahan's disappearance.
The IRS has introduced a "special withdrawal process" for small businesses that may have mistakenly claimed the employee retention tax credit (ERC) during the pandemic. The ERC, designed to support small businesses, has attracted fraudulent or questionable claims, leading the IRS to temporarily halt processing new claims. The new withdrawal option allows eligible small businesses to withdraw their ERC claim if they haven't received a refund yet, helping them avoid future repayment, interest, and penalties. The IRS urges businesses to consult trusted tax professionals rather than marketing companies for guidance on this complex tax credit.
The Connecticut Labor Department has reported a surge in unemployment benefits due to identity theft, with criminals using stolen identities to file for benefits. The department suspects that around 75 percent of the claims received are fraudulent. Employers are often the first to be notified when an identity is stolen, and employees who are victims of identity theft should report it to the department. Residents should also report identity theft if they receive monetary determination letters or tax forms for unemployment benefits they did not file for. The department is working closely with law enforcement agencies to prevent unemployment fraud and protect the employer-funded Trust Fund.
The number of Americans filing for unemployment benefits rose slightly last week, but previous weeks were revised lower after Massachusetts reported a surge in fraudulent claims. Continuing claims dropped to 1.79 million, indicating the labor market remains stronger than previously expected. Economists warn that it's difficult to get a clear picture of what's happening in the labor market due to fraudulent claims. Despite higher interest rates, a banking crisis, and chronic inflation, the economy remains surprisingly resilient, with first-quarter GDP growing at a 1.3% annual pace.
The number of Americans filing for unemployment benefits fell by 22,000 to 242,000 last week, the most since 2021, after fraudulent claims in Massachusetts inflated data in previous weeks. Continuing claims dropped to 1.79 million. However, economists warn that it's difficult to get a clear picture of the labor market due to the fraudulent claims. Layoffs are on the rise, job openings are declining, and jobless claims are steadily ticking higher. The Fed expects unemployment to rise to 4.6% by the end of next year, up from the current rate of 3.5%.