IRS TO SEIZE 400,000 TAX REFUNDS FOR PARENTS PAST DEBT... The Treasury Department has seized $75 million in tax refunds this year for debts that have been delinquent for more than 10 years, including withholding money from people whose parents collected Social Security benefits to support them while they were still children. Hundreds of thousands of taxpayers are being told that because of debts they never knew about, usually belonging to their parents, their refund checks are being seized, reports The Washington Post. The collections are allowed because of a sentence added into the federal farm bill that allows the government to collect debts delinquent for more than 10 years. The Treasury Department reports it has collected some $424 million since 2011, and this year, the Social Security Administration says it has found 400,000 taxpayers who owe $174 million on old debts, and it is enforcing collections by this summer. Read Latest Breaking News from Newsmax newsmax/US/tax-refund-seized-social-security/2014/04/11/id/565095#ixzz2ys9yDck5
Posted on: Mon, 14 Apr 2014 15:07:58 +0000
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