Word: refundability
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...making him look as if he were hiring them) and transcribed both numbers onto W-2 forms that he used to prepare electronic returns. Todd filled in an income for these women and a figure for taxes withheld that was high enough to kick back a generous refund. Todd then took the returns to banks to obtain "refund anticipation" loans, which came through within 48 hours. Todd's take was an estimated $511,000 over two years (tax free, of course) before an informant tipped off the IRS. He was sentenced to 30 months in jail...
Richard M. Hersch of Florida and Pennsylvania owned a tax-preparation company called Quik Tax Dollars that he turned into Quik cash. In 1991 he filed 145 false returns, using W-2 forms, fictitious names and phony Social Security numbers to get refunds for the phantom taxpayers. He too received refund anticipation loans. When the IRS began to improve its control on Social Security numbers, Hersch started using real numbers to perpetrate the same scam. All told, he filed 431 false electronic returns claiming refunds of $1,131,241. He was nabbed after the IRS raided his office...
...Some AOL members didn't have a choice but to connect to the network through the 800 number. According to representatives at computermaker Packard Bell NEC, thousands of computers were shipped this winter with flawed software which automatically routed users through the access line. Although these people will receive refunds from AOL, the other surprised subscribers may not be so lucky: a spokesman for the company said today it will examine each refund request by this group on a case by case basis...
Sure, the U.S. Army should let Lieut. Emma Cuevas resign from the service so that she can regularly breast-feed her daughter [NATION, Feb. 24]. I'm certain Cuevas and her husband will gladly refund to the taxpayers the $500,000 wasted on her training because she wants to break her contract three years ahead of time. But wait a minute! Didn't I just see the couple walking out of the 7-Eleven with a can of baby formula? MARTIN ZAKALOWSKI Washington, Michigan...
...wouldn't you know it? AOL's phone lines were swamped once again, this time by users requesting refunds. Many of them were angry at being kept on hold for long periods, but state regulators pronounced themselves satisfied. Most analysts also seemed unconcerned. Said Lehman Brothers analyst Brian Oakes: "I think we've passed the peak of the problems with both the busy signals and the refund calls. There's always an initial wave...