Word: refundable
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...Minnesotans may demand more of a man they voted to high office than a simple act of contrition and a refund. Bill Morris, former chairman of the state's Independent-Republican party, summed up the dismay: "I think Minnesota now has 1 1/2 Senators . . . I think most of us voted for him to serve millions -- not make them." Some G.O.P. officials are urging Durenberger to step down by July 31 so that a special election could be held in November. Durenberger could then seek a vote of confidence by running in that race...
Filing a federal income-tax return used to be cheap but slow: 25 cents for the stamp and as much as eight weeks for the refund check. But now most U.S. taxpayers can take a high-tech shortcut. For anywhere from $25 to $75, filers can get their money in as little as two weeks by having their return sent electronically by one of 18,000 tax preparers and transmitters. After a four- year test run, the Internal Revenue Service for the first time is making its electronic filing system available in all 50 states this year...
...station called a "tingle table," numbered and coded by hand and sent to a keypunch operator who enters the data into IRS computers. Instead, the return goes immediately to the point at which it is checked by the computer for mathematical mistakes. After that, the refund is processed. Result: a check usually reaches taxpayers within three weeks -- or two if the filer authorizes a direct deposit into a bank account...
...simple typographical or spacing error will prompt the system to reject the form. "The return has to be almost perfect before it goes through," says Richard Butler, a Chicago accountant. Tax giant H&R Block, which has hawked its service with a high-profile advertising campaign called "Rapid Refund," says its program is going smoothly. But smaller preparing firms have found the system to be a computerized nightmare. "We're experiencing a communication problem with software, and it costs us time, energy and frustration," says Gery Lichtig, a Los Angeles accountant. The IRS contends that with sufficient practice time transmitters...
...taxpayers who want even faster refunds, many firms are offering refund- anticipation loans. For an extra fee of $30 or more, a tax preparer will give the customer a loan within about a week after the electronic return has been accepted by the IRS computer. But for taxpayers expecting a refund of $1,000 or less, this option would probably cost more than getting a short-term bank loan or a cash advance on a credit card...