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Interest applies only to balances you owe, and if your account is negative, then you owe $0 and actually have a credit on your account that will apply to your next bill.
A better way to use your tax refund is to put money in an emergency fund and pay off high-interest credit card debt. “Shore up your emergency funds and aim to have at least six months of savings ...
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.
The use-of-money principle, also written as the use of money principle, is a principle invoked in the context of taxation in the United States (generally federal taxation, though many U.S. states also use a similar framework), that states that the government can charge interest for unpaid tax only if the government did not have use of that tax money (i.e., continuous possession of the money).
In government finance, a warrant is a written order to pay that instructs a federal, state, or county government treasurer to pay the warrant holder on demand or after a specific date. Such warrants look like checks and clear through the banking system like checks, but are not drawn against cleared funds in a checking account (demand deposit ...
In fact, the Social Security Administration’s (SSA) Office of the Inspector General estimated that it made $72 billion in improper payments between 2015 and 2022 — most of which were due to ...
Ian Kuperus, an accountant and former IRD employee, is credited with coming up with the idea of tax pooling. He identified the opportunity for taxpayers to trade their under- and overpayments of tax and take advantage of the interest rate differential while leading the tax division at the National Bank, after the government introduced use of money interest in 1988.
At this point, the 2025 tax-filing season is well underway. And some filers may be within days of getting their refunds, or sitting on that money already. It’s easy to look at a tax refund as ...