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Sarbanes-Oxley News & Developments
After Inflating Income, Companies Want IRS RefundsBig companies under investigation for inflating their earnings during the stock-market boom of the 1990s now want back taxes they overpaid.
> > In the unfolding series of corporate scandals, MCI and Enron Corp. are in the process of collecting or filing for tax refunds or credits from the IRS because of tax payments on billions of dollars they falsely claimed to have earned. Quest Communications International Inc. also is likely to seek a refund. Embattled HealthSouth Corp. has not made a final decision to file for a refund but is considering it.
Fraud or not, the current tax code makes no distinctions. It is a basic text of tax law - both for individuals and corporations - those who overpay are entitled to a refund.
Source: WSJ article dated May 2, 2003
Published:2003-05-02
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