January 31, 1988 |
A lot of taxpayers--who have just received their W-2 records of wages and withholding from employers--are in for distressing news as they fill out their tax returns between now and April 15. This year, experts say, many people are likely to find themselves coming up short and paying more to the IRS instead of receiving a refund. How can that be, when tax rates have been reduced by the Tax Reform Act of 1986?
February 1, 1992 |
Now here's an offer you can refuse. H & R Block Inc., the ubiquitous tax preparers, say they're unhappy with President Bush's plan to reduce federal withholding to give Americans more money during the year and less in tax refunds. "We deal with more than 17 million taxpayers and we think we have a good idea of how they feel," said Thomas M. Bloch, president of the Kansas City, Mo., tax filing firm. "Most of our customers, who represent most of middle America, want a refund."
May 7, 1993 |
Battered by storms, starved for jobs and slowed by doubts about White House policies, the U.S. economic recovery is smacking into yet another obstacle: Many households, denied the usual windfall of a tax refund, are pulling back their spending. "From clothing to appliances to automobiles to household furnishings," retailers will feel the pinch, predicts Mark M. Zandi, an economist with Regional Financial Associates in West Chester, Pa.
CALIFORNIA | LOCAL
June 9, 2001 |
Two Los Angeles men were arrested Friday on charges of mail fraud after they obtained a check made out to Los Angeles Lakers owner Jerry Buss, federal authorities said. Kenneth Reeves, 41, of Canoga Park and Dwayne Kellum, 37, of Long Beach opened an account with Buss' stolen tax refund check for more than $161,000, according to the U.S. attorney's office. Kellum opened the account at Morgan Stanley Dean Witter by claiming to be Buss' son, officials said.
November 2, 2005 |
A ballot measure asking state voters to give up more than $3 billion in taxpayer refunds to stave off drastic cuts in spending on college education and healthcare for the poor was narrowly approved, officials said. Referendum C would let the state keep an estimated $3.7 billion over five years that would otherwise be refunded to taxpayers under the Taxpayer's Bill of Rights, the constitutional amendment generally considered the nation's strictest cap on government spending.
February 12, 1988 |
Fewer Americans are rushing to file their federal tax returns this year, but those who do are finding the average refund up by almost 20% from 1987, the Internal Revenue Service said Thursday. During the first five weeks of the year, the IRS received 9.14 million returns, down 17.5% from the 11.08 million for the same period a year ago. The average refund was $656, compared to $548 at the same time last year.
September 1, 2006 |
Consumers can claim a standard $30 to $60 refund next year for a tax on long-distance telephone calls that the government declared invalid, the Internal Revenue Service announced Thursday. Telephone customers had been paying the 3% federal excise tax on local and long-distance service. The government stopped collecting the tax on long-distance calls in August after businesses repeatedly fought the tax in court and won.
August 22, 1989 |
Lawyers and accountants for Leona Helmsley squabbled Monday over a last-minute effort to find tax deductions that would mean a hefty refund for the same years the self-styled hotel queen and her husband are accused of cheating on their income taxes. The technical arguments ended testimony in the 8-week-old trial, where earlier Helmsley was described as telling an employee that only "little people" pay taxes. Helmsley looked tired but composed during the proceedings in U.S. District Court.
CALIFORNIA | LOCAL
May 29, 1990
Elderly and disabled homeowners and renters are invited to apply to a program that refunds some state taxes paid last year. Last year, about 8,500 Orange County residents received refunds from the program that also benefited about 209,000 other residents from throughout California. The refunds totaled about $24 million, with the average homeowner receiving $87 and the average renter $97. To qualify, applicants must be at least 62 years old, blind or disabled as of Dec.
December 13, 2006 |
The federal government has finally hung up the telephone excise tax on long-distance calls, and small-business owners are in line to receive a large chunk of the estimated $10 billion in refunds and interest due from the Internal Revenue Service. To claim the refund, you have to calculate how much the 3% tax cost you for the period of Feb. 28, 2003, to Aug. 1, 2006. You can dig through old phone bills or use a formula the IRS has created. The time spent could be well worth it, experts say.