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Feds Say Shutdown Won't Delay Tax Refunds
Furloughed workers will be recalled
- Relief for taxpayers? The administration says there will not be delays to tax refunds despite a government shutdown stretching into its third week. Acting White House budget office director Russell Vought says refunds will go out on time. He told reporters Monday that rules will be changed to make the...
In Shutdown, a 'Wrench' in Getting Your Tax Refund?
IRS employees who process tax refunds are among first to be furloughed
- The Internal Revenue Service may not be anyone's favorite government agency, but many taxpayers may be pulling for it to regain full staffing over the next few weeks. That's because tax refunds may be delayed this year, thanks to the partial government shutdown,
reports. Per a...
His Pal Rigged the Lottery. He Used Winnings for More Scams
But in ironic twist, Robert Rhodes himself was duped by insurer he sent his cash to
- After Robert Rhodes collected a Wisconsin Lottery jackpot that had been rigged by a friend, he used the windfall for an investment scheme that produced more undeserved government money, court records show. Rhodes and Eddie Tipton, former security director for the Multi-State Lottery Association, recently pleaded guilty to rigging the...
Single Mom's Post About Her Tax Refund Goes Viral
She paid rent—for the entire year
- A recovering addict and single mom took her $5,600 tax refund and used it not to splurge on the latest gadget, but to pay her rent—for the entire year. Christina Knaack put a photo of the rent check on Facebook Wednesday and explained her reasoning behind the move...
Tax Refunds Delayed for Low-Income Families
IRS needs more time to guard against identity theft
- The IRS is delaying tax refunds for more than 40 million low-income families this year as the agency steps up efforts to fight identity theft and fraud. The delays will affect families claiming the earned income tax credit and the additional child tax credit. These tax breaks are geared to...
Feds Say They'll Stop Seizing Some Tax Refunds
Social Security puts halt on collecting more than decade-old debts
- No longer will a single sentence make tax day even more miserable for hundreds of thousands of Americans—for now, at least. Late last week, the
reported on a recent Treasury Department practice made possible by a single sentence lurking in the 2008 farm bill: seizing tax refunds...
Feds Swiping Tax Refunds to Pay Parents' Debts
Many are told there aren't even records proving the debt exists
- The Treasury Department has been seizing tax refunds or demanding payment from hundreds of thousands of Americans on some very old debts—some of which aren't exactly theirs in the first place. Many taxpayers are being forced to repay debts their parents allegedly racked up, the
Identity Theft Probe Halted $1.4B in False IRS Refunds
105 busted in sweep
- The Internal Revenue Service is cracking down on fraudsters as tax return seasons begins. The agency has stepped up efforts to prevent identity theft, and caught 260,000 bad returns last year, up from 50,000 in 2010, and prevented a total of $1.4 billion in bad refunds being...
47% of Americans Pay No Federal Income Tax
Tax day is just Christmas for many
- Tax Day is a dreaded deadline for millions, but for nearly half of US households it's simply somebody else's problem. About 47% will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions, and exemptions to eliminate their...
Millions Must Repay Part of Stimulus Tax Credit
Withholding errors mean 15.4M will get smaller refund or owe money
- 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...
Obama Offers New Options for Retirement Savings
Americans can have tax refunds sent as savings bonds
- 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...
Poll: Few Plan Splurges With Tax Refunds
More people than ever are just paying off bills
- 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...
Ponzi Victims Will Be Tax Nightmare for IRS
Service expects to refund $7-$10 billion in taxes paid on fake income
- 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,
reports. The IRS estimates that refunds due victims to Madoff alone could total...
Cash-Strapped Calif. May Shorten School Year
- 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...
Calif. Budget Gap Could Mean IOUs, Not Tax Refunds
Facing $42B deficit, Schwarzenegger, state Dems continue to wrangle
- 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...
IRS Notice Stuns Lawyer: 'You Owe Us a Penny'
- 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 said—...
IRS May Block Popular Instant Refunds
Proposed change aims to curb fraud, steep loan rates
- 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...
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