Phase One of Tax Rebate Program Comes to an End
The last of the tax rebate checks that were included in the first phase of the tax rebate program have been mailed. Phase One of the rebate program included sending rebate checks of, at most, $600 for married filing jointly taxpayers, $500 for head of household taxpayers, and $300 for single taxpayers, to taxpayers who had filed their 2000 tax return on a timely basis. The order in which checks were mailed was based on the last two digits of the taxpayer's Social Security number.
Over 100,000 federal income tax rebate checks have been mailed in the past two months, with checks totaling approximately $36 billion. The rebate program, which initially lasted 10 weeks, provided U.S. taxpayers with rebates of 2001 federal income tax as a result of changes made to the tax rate schedules in the Tax Relief and Reconciliation Act of 2001.
Taxpayers who filed their 2000 tax returns after April 15 will be entitled to receive rebate checks in phase two of the mailing, which will begin immediately.
Taxpayers who are entitled to the rebate but who do not receive the rebate in 2001 will have an opportunity to request the rebate when they file their 2001 tax returns next year.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.