Posts tagged as:

refund

IRS, Congress Now Say No to Ticket Tax Refunds

8 August 2011

Never look a gift Congress in the mouth. What they give today can always be taken away. And if you know Congress, it probably will. Remember the whole Federal Aviation Administration (FAA) ticket tax fiasco? Here’s a brief recap: Congress, squabbling over unions and subsidies, failed to pass a budget for the FAA so that [...]

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Midweek Tax Wrap Up

18 May 2011

In case you’ve missed some key articles this week: Multinational corporations closer to tax holiday. Read more by clicking here. San Jose gets a revenue boost from taxing marijuana. Read more by clicking here. Refunds and post tax season planning. Read more by clicking here. Big Oil procedural vote goes nowhere. Read more by clicking [...]

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Sunday Mailbag: The Tax Refund Edition

17 April 2011

I’m peering out of my window on this early Sunday morning and there’s little evidence of the storms that moved through yesterday except for a lot of wet ground. I know that many of my friends and readers are not so lucky this morning, especially those in my home state of North Carolina. My thoughts [...]

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Taxes from A to Z: Q is for Questionable Refund Program

19 March 2011

Every year about this time, I get emails asking, more or less, what happens when you lie on your tax return to get a refund. There are the obvious answers… penalties, interest and depending on the severity, possible criminal prosecution. But there’s a lesser known potential consequence: having your return flagged as part of the [...]

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Does the IRS Have Your Money?

3 March 2011

The IRS has announced that there is $1.1 billion (yes, with a b) waiting for nearly 1.1 million people who did not file a federal income tax return for 2007. The last day to file and receive a refund for 2007 is April 18, 2011 – otherwise, that money goes back to the U.S. Treasury. [...]

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IRS Experiments With Pre-Paid Debit Cards

20 January 2011

As the IRS moves to make it more difficult for tax preparers and financial institutions to issue RALs (refund anticipation loans), critics have been quick to point out that low-income taxpayers may have a difficult time taking advantage of their tax refunds. Many low-income taxpayers are “bankless” without access to banks that will cash tax [...]

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Tax Trivia: Refund Payments

18 January 2011

We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: For the 2010 tax season, taxpayers who claim a tax refund can opt to split their refunds into bank accounts or retirement accounts and buy up to $5000 in US savings bonds (Series I). Taxpayers [...]

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H&R Block Announces Glitch in RALs for 2011

27 December 2010

If you’re hoping to take advantage of Refund Anticipation Loans (RALs) and related products during this tax season, you’re going to have to look pretty hard. Many third party preparers will not be offering those products this year, citing financial difficulties with underwriters. Some of the financial difficulties stem from the economy. RALs (and similar [...]

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Does the IRS Owe You Money?

17 November 2010

Each year, the IRS faces a pretty odd challenge: trying to give people their money back. If you move or make an error entering your address on your tax return – and you’re due a refund – the IRS may not be able to find you. This year, the IRS is looking to return $164.6 [...]

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IRS Changes the Way RAL Providers Will Do Business

6 August 2010

The last couple of tax seasons have been tough for many taxpayers trying to utilize popular refund anticipation loans (RALs). With banks increasingly unwilling to provide loans for third party preparers, the potential pool of money available to folks seeking RALs was pretty limited. This made taxpayers unhappy. It made the IRS fairly happy. They, [...]

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