The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax.
PORTLAND (AP) -- State authorities say only about half of the estimated 200,000 Maine households eligible apply for a property tax or rent refund that last year averaged nearly $500. Overall participation in the Maine Resident Property Tax and Rent Refund Program last year was nearly 10 percent lower than it was three years before the recession hit, according to Maine Revenue Services.
Foreign sales corporations' (FSC) tax policy for calculation of estimated tax and refund claims is inefficient, causing administrative delays and burdens for the corporation and the government. FSC refunds should not need Joint Committee on Taxation review because the refund amount is balanced by the increased tax liability incurred by their related supplier. The problem with estimated tax is that FSC's are unable to accurately calculated combined tax income (CTI) until after the tax-year closes. In addition, filing extensions require a 90% payment which is impossible without the CTI calculation.
RALs can be attractive to residents who want their tax refunds quickly, but often consumers are paying hundreds of dollars to get a refund that takes only a couple of weeks to process," [Steve Tobocman] said. "A RAL is not your tax refund - it's a loan, complete with interest rates and hidden fees. This legislation will not prohibit RALs, but it will ensure that consumers are educated and that tax preparers are upfront about what RALs entail. House Bill 4645, sponsored by Tobocman, requires the facilitator of a RAL to disclose in writing the following items prior to a taxpayer completing an RAL application: House Bill 4645, sponsored by Tobocman, requires the facilitator of a RAL to disclose in writing the following items prior to a taxpayer completing an RAL application: * A listing ...
... tax-filing season and consumers paid an estimated $900 million in fees to get quick, cash for their ...
... throughout 1988 by his employer, and an estimated income tax of $1,100 remitted in January 1989 by B... states that "the amount of the credit or refund shall not exceed the portion of the tax paid withi...
FRESNO, Calif. A one-time telephone tax refund estimated at $10 billion nationally is being abused by some tax filers and overlooked by others. Last week, Internal Revenue Service officials began working to increase awareness about the refund and cracking down on those trying to claim more than they are due.
Did you know you own a share of an estimated $10 billion refund? All you have to do is file a federal tax return for 2006 to get your share of this telephone excise tax refund bonanza. The Internal Revenue Service recently issued a reminder notice that one-third of early tax filers are not claiming their share of the telephone excise tax refund.
Poland owes the Poland Spring Water Co. millions of dollars in tax refunds because of a collection error, and some residents want to hold town officials accountable. The residents blame the Board of Selectmen and town administrators for failing to refund an estimated $2.7 million in tax payments. They have begun pushing for an ordinance that would give them the ability to recall elected officials.
The window will close soon for about 9,200 Utahns to claim their share of $9.6 million that is sitting in Uncle Sam's bank account. April 15 is the last day for folks who are due a tax refund for 2006 to file their return. Nationally, that's an estimated 1.4 million people who are owed $1.3 billion in tax refunds.
Refunds of overpaid estimated tax payments and using a loss year to offset taxes owed for the prior year are two ways to maximize cash flow through tax planning. The IRS will refund overpayments of estimated taxes before a return is filed, although the refunded sum is treated as if never paid for calculating tax liability. If a loss year is expected, proper documentation of the net operating loss (NOL) filed with the IRS can be used to reduce current liability for a previous year's debt by applying the carryback for the NOL. Refunds require form 4466, and 1139 is used to file for NOL carryback.
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