Business Briefs – March 9, 2017

Board Rejects Puerto Rico Fiscal Plan As Unrealistic

SAN JUAN, Puerto Rico (AP) – Puerto Rico’s governor clashed on Thursday with a federal control board overseeing the island’s finances after it rejected his fiscal plan for the U.S. territory’s economic future as being unrealistic and too optimistic.

Gov. Ricardo Rossello said his administration is willing to meet with board members to talk about disagreements over financial data but warned he would not support a plan that contains erroneous information.

IRS Strikes Back as Agents Make Big Dent in Identity Theft

WASHINGTON (AP) – The IRS strikes back: The tax agency reports that the number of identity theft victims plummeted last year after agents struggled for years to combat what has become a multibillion-dollar industry.

The number of victims dropped by 46 percent, to 376,000, the IRS said. These taxpayers had their identities stolen by criminals who used their Social Security numbers and birthdates to obtain fraudulent tax refunds.

The IRS stopped nearly 1 million fraudulent refunds from being issued last year. They totaled almost $6.6 billion, the agency said.