tax refunds

The IRS has announced that there is $1.1 billion in previous unclaimed tax refunds waiting for nearly 1.1 million people who did not file a federal income tax return for 2007. The IRS estimates that half of these potential 2007 refunds amount to at least $640.

State treasurers and other government agencies are currently holding more than $32 billion in unclaimed assets from 117 million accounts that their owners have either forgotten about or never knew they had. As the sentence above says, billions of dollars in unclaimed assets are sitting in...

The Treasury Department is launching a pilot program to deliver tax refunds via prepaid debit cards rather than checks. The plan aims to cut down on the administrative costs associated with checks and to help lower-income taxpayers without bank accounts, The Wall Street Journal said. The...

The Internal Revenue Service is looking for about 112,000 people who are due a combined total of $164.6 million in tax refunds. The tax agency said the average refund check was about 28% larger than it was a year ago.

Ambac Financial Group, which Monday declared bankruptcy, is suing the U.S. for attempting to seize $700 million in tax refunds. The bond insurer warns that seizing the refunds could ruin its chances of reorganizing.

Taking advantage of a special IRS rule for Ponzi-scheme losses, some Madoff victims are starting to get some of their money back in the form of IRS refunds, according to a report in today's Wall Street Journal. So far the biggest refund is about $500,000 dollars, but some people have filed returns...

Early last year when the Bush administration pushed through tax refunds, consumer spending ticked up as the money made its way into the retail markets. But the spending spree was short-lived and retail sales dropped as the recession took hold. The same principles, and problems, may be facing the...

Things are about to get a lot hotter in California. In response to political deadlock over its $42 billion deficit, State Controller John Chiang announced today that he would suspend some $3.7 billion in payments, including tax refunds, starting Feb. 1."Let me make this point," Chiang told...