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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: tax refunds

tax refunds stories: 8 news summaries

Millions Must Repay Part
of Stimulus Tax Credit

Withholding errors mean 15.4M will get smaller refund or owe money

Nov 17, 09 12:49 PM CST
(Newser) - An IRS tax credit designed to lighten the load on recession-addled taxpayers won't work out as well as hoped for about 15.4 million Americans. Because certain minutiae of the new Making Work Pay credit weren’t factored in to withholding tables, more than 10% of taxpayers who file individual... More »

MORE ABOUT:
IRS • recession • Treasury Department • Internal Revenue Service • tax refunds • economic stimulus package • tax credit • tax liability • Making Work Pay

Obama Offers New Options for Retirement Savings

Americans can have tax refunds sent as savings bonds

Sep 5, 09 7:07 AM CDT
(AP) - President Obama used his radio address today to roll out several initiatives aimed at making it easier for Americans to save for retirement. One move will allow people to have their federal tax refunds sent as savings bonds by checking a box on their tax return; another has workers automatically... More »

MORE ABOUT:
Barack Obama • retirement • savings • tax refunds • retirement benefits • 401(k) plans • radio address

 Poll: Few Plan Splurges 
 With Tax Refunds 

More people than ever are just paying off bills

Apr 13, 09 9:13 AM CDT
(Newser) - Taxpayers’ refund checks are starting to arrive, but this year the economy might not see much of a boost from that money, an AP poll finds. More people are planning to spend their refunds in some way, but 54% say they’ll pay off existing bills rather than go on... More »

MORE ABOUT:
consumer spending • credit card • bills • splurges • tax refunds • taxpayers • financial crisis

Ponzi Victims Will Be
Tax Nightmare for IRS

Service expects to refund $7-$10 billion in taxes paid on fake income

Mar 13, 09 12:06 PM CDT
(Newser) - The work of fraudsters such as Bernie Madoff and R. Allen Stanford will complicate the IRS’ job as tens of the thousands of victims attempt to reclaim taxes paid on income that went up in smoke, Time reports. The IRS estimates that refunds due victims to Madoff alone could total... More »

MORE ABOUT:
fraud • taxes • IRS • securities • Ponzi scheme • investment fund • tax refunds • Bill Maher Grid

(Newser) - Arnold Schwarzenegger has proposed cutting a week out of the public school calendar, the latest desperate measure in California's struggle with a $41 billion budget shortfall. The Governator says the $1.1 billion savings will ward off other cuts to education, which makes up 40% of the state budget. Schools... More »

MORE ABOUT:
education • California • Arnold Schwarzenegger • tax refunds • budget gap • taxpayers • public funding • financial crisis • economic downturn

Calif. Budget Gap Could Mean IOUs, Not Tax Refunds

Facing $42B deficit, Schwarzenegger, state Dems continue to wrangle

Jan 7, 09 11:11 AM CST
(Newser) - Faced with a mounting budget gap and failed negotiations toward a solution, California may have to send out promissory notes to taxpayers owed refunds and local governments, the Los Angeles Times reports. Talks between Gov. Arnold Schwarzenegger and the Democratic legislature foundered yesterday; lawmakers sent the governor a disputed package... More »

MORE ABOUT:
California • Arnold Schwarzenegger • tax refunds • budget gap • taxpayers • financial crisis • economic downturn • promissory note • IOU • creditor

(Newser) - Washington may be loaning billions to automakers, but a Detroit lawyer? He has to pay an IRS bill of 5 cents, the Detroit Free Press reports. James Howarth was busy tallying the cost of paying his debt—which is "several hundred percent over the nickel," he... More »

MORE ABOUT:
taxes • IRS • Detroit • tax refunds • penny • refund • tax liability

IRS May
Block Popular
Instant Refunds

Proposed change
aims to curb fraud, steep loan rates

Jan 4, 08 10:57 AM CST
(Newser) - The IRS may stop big tax-preparation firms from offering instant refund loans to curb potential fraud, Bloomberg reports. Such loans are popular with taxpayers who don't want to wait weeks for a check, but interest is often steep and consumer groups have been pushing for a crackdown. The proposed change... More »

MORE ABOUT:
IRS • income tax • Internal Revenue Service • tax fraud • tax refunds

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