Tuesday, July 1, 2008

HEY DUDE, WHERE’S MY REBATE?

I continue to get emails from clients, readers and the great unwashed asking me when they will be getting their economic “stimulus” rebate election year bribe check from George W.
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I am writing this post so from now on I can respond to such emails by saying –
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“Please click on the link below to a posting from THE WANDERING TAX PRO to find out when you will be getting your rebate check.”
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The IRS had issued a schedule for the mailing out of the rebate checks, based on the last two numbers of the recipient’s Social Security number.
Click here to see the schedule on the IRS website.
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I have heard from some clients who have actually received their check, as well as from others who should have received their check by now based on the above IRS mailing schedule but have not.
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The IRS had initially led us to believe that all qualified taxpayers who filed their 2007 Form 1040 or 1040A by the April 15, 2008 deadline, including those who did not have to file a return but did so only to apply for the rebate, would receive the rebate check in the first wave of mailings as per the IRS published schedule.
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It turns out that this was a lie. The truth is that all qualified taxpayers whose 2007 Form 1040 or 1040A was processed by the IRS by April 15, 2008 should receive the rebate check according to the IRS schedule.
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So taxpayers who owed “Sam” and, quite appropriately so, mailed their return and check at the last minute will have to wait until the second wave of mailings – probably the end of July or beginning of August.
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But I have heard from those who mailed their returns in time to have been processed by April 15th and should have received their check by now – but still have not!
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Considering that there have already been many much-publicized FUs relating to the rebate checks, and the fact that there were so many rebate questions submitted to the IRS hotline that they have had to take personnel away from collection activity to man the phones (and as a result lose hundreds of millions of dollars in collections – see
PAYING FOR THE “STIMULUS” REBATE ELECTION YEAR BRIBES) - it is my belief that, while initially prepared with all good intentions, the IRS schedule for mailing out the checks is no longer “do-able”.
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Just like me during the tax season, the IRS’ “eyes were bigger than their stomach”, so to speak.
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What a mecking fuss!
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So here is the definitive answer to the question “When will I get my rebate check?” –
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If you qualify for a rebate - you will get it when you get it!
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TTFN
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Hey – have you been checking out the answers to federal and NJ questions posted at ASK THE TAX PRO? And my comments and ramblings on non-tax issues at ANYTHING BUT TAXES?

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