Word: refundability
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...Government must pay for its lack of punctuality. Taxpayers who file for a refund by April 15 and receive no check by June 1 are entitled to 13% interest until it arrives. The IRS, however, hopes to catch up soon. The agency predicts its total interest payout will be $200 million, roughly the same as last year. Some anonymous IRS employees told journalists that the tax backlog had got so bad that agency workers had deliberately shredded thousands of returns. Egger heatedly rejected those stories. Said he: "I'm here to tell you it's sheer nonsense...
...military contracts. As if that were not enough, the Pentagon disclosed that it was taking another "exceptional action" against the company, demanding that it voluntarily return what the Defense Department considers excess profits collected on contracts for Navy and Air Force jet spare parts. Amount of the requested refund: $168 million...
...three attack on G.E., the nation's fourth-largest military supplier (an estimated $4.5 billion in contracts in 1984), is only part of a broader fusillade that the Pentagon is aiming at the defense industry. Last week the Defense Department revealed that it has hit Pratt & Whitney for a refund of $40 million in higher-than-expected profits made supplying jet- engine spare parts. The widest barrel, however, remains pointed at General Dynamics, the country's top defense contractor, which found itself facing investigations by a federal grand jury in Connecticut and a congressional subcommittee as well as by Pentagon...
...overcharging," declared Brian Rowe, a G.E. vice president. "The Government did not pay one cent more than it contracted to pay." Both G.E. and Pratt & Whitney, which on similar contracts made profits averaging 14.6% instead of the projected 13%, indicated that they would not meet the Government's refund request...
...cable to the Pentagon last week, Lockheed President Lawrence Kitchen insisted that his company had made only a 13.4% profit on the units. Nevertheless, he eventually lowered the price of the covers to $100 apiece and gave the DOD a $29,165 refund. "This action is intended to put to rest an artificial issue," said Kitchen, "that detracts from the critically important ongoing review of the 1986 DOD budget." Senator Roth, on the other hand, might have felt he was getting to the bottom of the whole defense- spending issue...