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Sometimes overpayment of large sums can be the result of mistakenly adding an extra zero to your payment. But it is also a potential sign of refund fraud or even money laundering.
The SSA sends overpayment notices to about one million Americans every year — and according to KFF Health News, the agency has admitted in the past that many overpayments were the result of ...
Equitable recoupment is a judicially created defense most commonly applied in legal cases in the federal and state tax systems of the U.S.. [1] [2] This doctrine can allow, under specific circumstances, the government to defeat a refund claim or a taxpayer to avoid an assessment on the basis of a past underpayment or overpayment that is outside the statute of limitations period.
An overpayment scam, also known as a refund scam, is a type of confidence trick designed to prey upon victims' good faith.In the most basic form, an overpayment scam consists of a scammer claiming, falsely, to have sent a victim an excess amount of money.
This option is available if you think the overpayment was your fault and you also have the funds to pay the money back but would rather do so a little at a time instead of in a single lump sum.
For claiming a refund one has to file the income tax return within a specified period. However, under Sections 237 and 119(2)(b) of the Income Tax Act, the Chief Commissioner or Commissioner of Income Tax are empowered to condone a delay in the claim of a refund. [15] Provisions of refund of duty exists in indirect taxation.
Your federal or state income tax refunds, disability or future unemployment benefits could also be seized to collect what’s owed. What to do if you receive an overpayment notice 1.
These may be charges for directory listings or advertisements. Recently, some companies have begun sending what appears to be a rebate or refund check; in reality, it is a registration for services that is activated when the document is returned with a signature." In accounts payable, a simple mistake can cause a large overpayment.