Word: refundable
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...audits. While encouraging taxpayers to file electronically-mainly to save irs manpower and paper work-this year the tax collectors returned, often for minor clerical errors, fully 20% of the 9.9 million electronic returns submitted through late March. The irs is running 11% behind last year in processing refunds, which exerts a $4.6 billion drag on the economy and is depressing retail sales nationwide. These delays often amount to eight to 12 weeks, an excruciating lag for low-income taxpayers counting on their refund to fix the car or pay the rent. Some such workers, accustomed to quick refunds, have...
...available to workers too poor to owe income tax and is intended to make work more attractive than welfare. The credit, however, has been susceptible to fraud. In order to catch the cheats, the irs has also punished honest taxpayers. Low-income workers for whom the earned-income refund is the biggest chunk of cash they see all year have been waiting eight to 12 weeks or longer. Emma Mejia, 48, a single mother of two, has been waiting for her $2,528 refund since the first week of February -- and has lost her job washing laundry in a Chicago...
...returns released today show the First Couple paid $55,313 in federal taxes on an adjusted gross income of $263,900. The Clintons are due a refund of $14,418, but they will apply a little over half of the refund to their 1995 taxes. The forms also show that Chelsea Clinton earned $6,678 last year, mostly from royalities earned by her late grandmother Virginia Kelley's autobiography and dedicated to her, and paid a tax of $911.Last Night's TIME
...over. Soon they will all be picked up by the U.S. Coast Guard, returned to the Dominican Republic and fined $2 each. There will be no New York, no new life and no refund. The boat captains change clothes and seat themselves among the passengers to avoid detection. One female passenger starts to cry. Her trip is a waste, her future uncertain. But one boat captain is defiant. "We will go again next week," he vows. "They cannot stop...
...Highway robbery!" exclaimed Sarah E. Tuttleton '96 when told that she would not receive a refund on her books this semester. "I will buy my books at the Harvard Bookstore...