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Tax Refund: Taxpayers
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IRS Commissioner Mark W. Everson said the changes include notifying taxpayers when a tax refund has been frozen. Other new procedures will result in a more timely release of frozen tax refunds for those cases that do not warrant further review.
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The Department of Revenue & Taxation will begin cutting checks for tax refunds this week. According to agency deputy director John Camacho, Rev & Tax will be paying out about $3.3 million in individual income tax refunds. The money for the refunds is coming from the recently refinanced Government of Guam General Obligation Bond. The agency received about $18. 5 million from bond proceeds... Camacho says after putting aside 15% for the Earned Income Tax Credit payments they're left with $15.7 million to pay out to taxpayers.
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Taxpayers who choose to base their refund requests on the actual amount of tax paid should review their phone bills since Feb. 28, 2003. Taxes paid on local-only service are not eligible for the refund. In general, federal excise taxes paid on other types of service qualify. Federal access charges and state or local taxes and charges are not eligible for the refund.
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Refund anticipation loans are a common means to receive a tax refund early, but at the expense of high fees that can reach over 200% annual interest. In the 1990's, refunds could take as long as twelve weeks to come back to the taxpayer; ... the average time for a refund is now six weeks, with refunds from electronically filed returns coming in three weeks.
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Taxpayers requesting an extension of time to file a claim for a refund must complete form TC-98, Application to Extend Time to File a Claim for Refund. The application must be submitted to the Tax Commission 30 days before the expiration of the statute of limitations. If approved, a Tax Commission representative will sign the agreement and a copy will be mailed to the taxpayer. The taxpayer will then have the approved extension of the statute of limitations to file any return or other documentation necessary to substantiate a claim for refund.
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The state income tax refund can be taken to pay off any income tax debts owed and will be applied first to any outstanding state income tax liability you may have. A taxpayer is jointly and separately liable for the taxes owing on any return which is jointly filed. This means that each party is responsible for the full amount of the debt and collection action will continue against either taxpayer until the outstanding debt is paid in full.
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