IRS RESTRICTS RETURN DROP-OFFS AT TACS
Washington D.C. -- The Internal Revenue Service is taking steps to discourage tax preparers and other taxpayer representatives from dropping off completed tax returns at its local Taxpayer Assistance Centers, instead of mailing or electronically filing them. The IRS said that starting this year, IRS TACs generally will not accept bulk returns for processing and mailing, particularly when it affects taxpayer services. Local TAC managers will have the authority to make exceptions to this policy, the IRS added, and will accept drop-off returns if, in their opinion, tax preparation and other customer account services are not affected.
$1B IN UNCOLLECTED REFUNDS
Washington, D.C. -- Tax refunds amounting to over $1 billion are awaiting an estimated 1 million people who still have not filed a federal income tax return for 2008. To collect, taxpayers and preparers must file a return with the Internal Revenue Service no later than Tuesday, April 17. The IRS estimated that half of the potential tax refunds are for more than $600. It also noted that taxpayers seeking a previously unclaimed 2008 refund may still have their refunds held if they have not filed returns for 2009 and 2010. In addition, the refund will be applied to any amounts still owed, or may be used to offset unpaid child support or past-due federal debts such as student loans.
GE PAID 2.3% TAX RATE
Stamford, Conn. -An analysis by the group Citizens for Tax Justice found that General Electric paid an effective average tax rate of only 2.3 percent over the past 10 years, according to the company's annual 10-K report. The group found that the company's pre-tax U.S. profits of nearly $81.2 billion over the 10-year period were often not taxed at all at the federal level. For 2011, GE did pay an 11.3 percent effective tax rate on over $9.1 billion in pre-tax U.S. profits, but in 2010 it paid no federal income taxes and actually received over $3 billion in net tax benefits from the federal government on over $4.7 billion in profit.
