Academic journal article Journal of Accountancy

Some Get Incorrect Refund Notices

Academic journal article Journal of Accountancy

Some Get Incorrect Refund Notices

Article excerpt

As a result of the Economic Growth and Tax Relief Reconciliation Act of 2001, the IRS announced refunds would go to anyone who paid taxes in 2000 and sent out approximately 112 million notices.

Approximately 523,000 taxpayers, the IRS said in July, were incorrectly told in their notices they would get the maximum refund amount ($600 for married, filing jointly; $300 for single filers; and $500 for head of household). In figuring the refund for these taxpayers, the service said, a computer program did not take into account certain tax credits on their 2000 tax returns. The IRS plans to send out corrected notices that taxpayers should receive before the actual refunds (which differ from the amounts stated in the earlier notices).

The remaining taxpayers will receive a notice telling them either to expect a check or explaining that, while they are not eligible for a refund now, they may qualify for a credit next year.

The IRS also points out the checks are being mailed based on the taxpayer's Social Security number, so he or she may receive the refund at a different time than a neighbor or other family members. …

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