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Getting a tax refund can seem like a financial windfall, but it means you’ve overpaid your taxes and given the government an interest-free loan. While some taxpayers prefer to receive a lump sum ...
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.
According to the Taxpayer Advocate Service, an independent organization within the IRS, marrying and deciding to file jointly makes taxpayers eligible for many tax deductions and credits, possibly ...
The Internal Revenue Service issued 12 million tax refunds to Americans who paid too much in taxes on unemployment benefits they received in the first year of the pandemic.
In the United States, the Internal Revenue Code allows the Internal Revenue Service (IRS) to divert overpayments of taxes to satisfy other federal taxes, [1] certain past-due support obligations, [2] debts owed to other Federal agencies, [3] state income tax obligations, [4] county taxes, local taxes and unemployment compensation debts. [5]
In India, there is a provision of refund of excess tax along with interest. 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]
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