Answer to Question #25433 in Finance for Chinge

Question #25433
is us treasury tax refund the same as federal tax refund?
1
Expert's answer
2013-03-04T08:17:58-0500
The IRS has power to require people to file Federal tax returns under 26 U.S.C. § 6011. Persons required to file Federal income tax are identified by 26 U.S.C. § 6012. People who receive more than the statutory minimum amount of gross income must file.
In most cases, the Financial Management Service uses the Treasury Offset Program to collect Treasury debts by the offset of tax refunds and other Federal payments. See § 5.9(c) of this part. If not already transferred to the Financial Management Service under § 5.9 of this part, Treasury entities will refer to the Treasury Offset Program any past-due, legally enforceable debt for collection by tax refund offset.See 26 U.S.C. 6402(d), 31 U.S.C. 3720A and 31 CFR 285.2.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS