Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/13/2013 (1 year ago)

Catholic Online (www.catholic.org)

Many refunds are for students who need to buy books, financial aid

Are you anxiously awaiting your tax refund to pay some bills? You may have to wait awhile. A filing error means that 600, 000 filers will have to wait a bit longer. Many of those who will be getting their refunds a bit later than usual are college students who need the money to pay for books and the tax receipt to apply for financial aid, the IRS says.

About 6.6 million tax returns include Form 8863, although only about 10 percent are affected, according to MarketWatch.

About 6.6 million tax returns include Form 8863, although only about 10 percent are affected, according to MarketWatch.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/13/2013 (1 year ago)

Published in Business & Economics

Keywords: Tax refund, tax preparer, H & R Block, IRS, college students


LOS ANGELES, CA (Catholic Online) - There was a rude awakening for many several college students this year. After paying a professional tax preparer $150 for 30 to 45 minutes of their time, one 26-year-old interior design student waited in vain for her $2,500 refund.

When she checked the IRS Where's My Refund? feature online, it said her tax return was still being processed, she went to the H&R Block website to see if others were having the same problem. She learned that Form 8863, relating to student tax credits, had been filed incorrectly.

Thousands of angry customers began sounding off on that tax preparer's Facebook page. She wrote that she, too, was frustrated. 

Preparers say that the form had since changed, and that in previous years, five lines on the form could be left blank for a "no" answer.

Starting this year, preparers must enter an "N" in those fields or risk a delay. The tax-filing company said it learned about the tax form change after it had submitted hundreds of thousands of tax returns. The IRS said it was aware of the problem and it is continuing to review the situation and work with "affected software companies to assist in the processing of those tax returns." 

H&R Block and the IRS later made an announcement that those who submitted tax returns between Feb. 14 and Feb. 22 would receive their tax refunds within 21 days, not eight weeks as stated in an earlier letter from the IRS to those impacted. 

"We want to assure the impacted clients that we are doing everything we can," H&R Block said in a statement. "The IRS has informed us and other impacted providers that they are currently processing returns."

 "While the number of tax returns affected is around 10 percent of the total returns claiming the credit, the IRS continues working aggressively to address this situation and hopes to reduce those projected refund time frames further," the IRS said in the statement.

About 6.6 million tax returns include Form 8863, although only about 10 percent are affected, according to MarketWatch.

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for December 2014
Christmas, hope for humanity:
That the birth of the Redeemer may bring peace and hope to all people of good will.
Parents: That parents may be true evangelizers, passing on to their children the precious gift of faith.



Comments


More Business & Economics

Made in the U.S.A.: Lincoln Logs come back home just in time for the holidays Watch

Image of Consumers are preferring 'Made in the U.S.A.' products over those produced overseas.

By Abigail James (NEWS CONSORTIUM)

Lincoln Logs, a classic American toy invented in 1916 by John Lloyd Wright, has been a popular iconic toy for many years. LOS ANGELES, CA (Catholic Online) - The toy is made out of 100 percent real wood, cut straight from tree logs during the manufacturing process. For ... continue reading


OPEC's bust is America's boom! Why cheap oil is a friend to America Watch

Image of Falling oil prices have caused a great deal of pain among OPEC countries, but the group won't cut production until three months after oil drops below $40 a barrel.

By Matt Waterson (NEWS CONSORTIUM)

The price of a barrel of oil continues to plunge, bringing with it an economic boon to motorists and headaches and potential layoffs to oil producers in the U.S. and around the world. LOS ANGELES, CA (Catholic Online) - Currently the price of a barrel of oil is ... continue reading


Is OPEC over and done with? Bank of America makes startling predictions Watch

Image of OPEC is

By Catholic Online (NEWS CONSORTIUM)

According to Bank of America, the OPEC oil cartel no longer exists in any meaningful sense. Furthermore, crude prices will drop to $50 a barrel over the coming months. This might mean relief at the pump - but this isn't necessarily a good thing, officials warn. ... continue reading


Sears no longer where America shops: 235 stores to close shortly Watch

Image of Analysts called the move a step in the right direction for the company, which has been tapping into its real estate in creative ways to compensate for downward-spiraling sales.

By Troy Dredge, Catholic Online

Few retailers are as American as Sears, one of its former and most popular taglines being "Where America Shops." That's no longer the case, as Wal-Mart has long seized that throne. It was a heavy heart that Sears announced that 235 under-performing stores would ... continue reading


36-year-low: Labor participation in the U.S. lowest since 1978 Watch

Image of The year 1978 was marked by the non-ironic use of disco music by Americans who blasted it on the radio to shake their groove things.

By Troy Dredge, Catholic Online

The year 1978 was marked by the non-ironic use of disco music by Americans who blasted it on the radio to shake their groove things. Another, far less nostalgic reminder of the year has been offered up by the Bureau of Labor Statistics: The labor force ... continue reading


Reflects very badly on U.S.: China is now world's largest economy Watch

Image of How did this happen? As recently as 2000, we produced nearly three times as much as the Chinese.

By Troy Dredge, Catholic Online

In the great car rental war that was between Hertz and Avis back in the 1960s, Avis took pride in the fact that they were behind Hertz with the saying: "We're Number Two - so we try harder!" It seems like the United States didn't try hard enough, as for the ... continue reading


Falling oil prices have helped the U.S. economy and revitalized the spending power of the American consumer Watch

Image of The continuing decline in the price of crude oil has brought numerous benefits to the American consumer and the U.S. economy.

By Catholic Online (NEWS CONSORTIUM)

The recent plummet of oil prices have drained hundreds of billions of dollars from oil-rich exporters and oil companies but has injected a critically needed boost to the faltering economies in Europe and parts of Asia, but more directly to the American consumer, ... continue reading


Internet retail giant Amazon switches to a ROBOT workforce of thousands Watch

Image of Before anyone accuses Amazon of laying off human workers in order to facilitate automation, it must be noted that the company is opening more shipping centers and hiring 80,000 seasonal workers.

By Catholic Online (NEWS CONSORTIUM)

Internet retail giant Amazon.com Inc. is handling "Cyber Monday" - the online shopping rush that usually occurs on the Monday following the Thanksgiving weekend - all in stride. Anticipating a new influx of customers, Amazon has upgraded and expanded its ... continue reading


Is Apple about to hit $1 trillion? Not if Google has anything to say about it Watch

Image of While Apple dominates the smartphone market, some suspect that its heavy reliance on products will lead to its downfall to companies who offer more services and software.

By Catholic Online (NEWS CONSORTIUM)

Silicon Valley tech giant Apple may one day be worth more than a trillion. Just for a second think about how massive that is. LOS ANGELES, CA (Catholic Online) - The maker of mac computers, iPods, iPhones and more is already worth more than $670 billion, and has a $260 ... continue reading


Feet on the desk - more and more Americans simply don't want to work anymore Watch

Image of Pew Research says that 39 percent of 16 to 24-year-olds don't want to work, up a substantial amount from 29 percent in 2000.

By Catholic Online (NEWS CONSORTIUM)

Nearly four in 10 Americans, or 92 million, are not in the labor force. Many are unemployed for no fault of their own. Many others have simply stopped looking for work. Why? The reasons are complex. LOS ANGELES, CA (Catholic Online) - The largest group of people ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, First Samuel 1:24-28
24 When she had weaned him, she took him up with her, ... Read More

Psalm, First Samuel 2:1, 4-5, 6-7, 8
1 Hannah then prayed as follows: My heart exults in ... Read More

Gospel, Luke 1:46-56
46 And Mary said: My soul proclaims the greatness of ... Read More

Saint of the Day

Saint of the Day for December 22nd, 2014 Image

St. Chaeromon
December 22: Bishop of Nilopolis, in Egypt. When the persecution was ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter