zoom44

Well if you cant tell i have been readign through Autoblog this morning. here's teh next bit of automotive news

Seems that back in the 90s Ford was worried that it had under paid its taxes for a period beginning in the 1984. They didn't want to have to pay huge amounts of interest on the amount owed so the paid the IRS a big lump sum while everything was sorted out.

Only it turned out that Ford had actually over paid so the IRS had to give pack some money AND that lump sum. Ford realized that the IRS had made some money on that payment while government accounts. So they sued to get back the $445 million that the government made while holding Fords cash.

A US district court judge ruled earlier this month that Federal rules dont allow for the return of interest in cases like this.

http://www.autoblog.com/page/7/

http://www.freep.com/article/2010060...se-against-IRS

Vlaze

iTrader: (14)

Of course not. Otherwise it would contradict the whole monetary system we have which essentially is paper money we use. Paper money is just another form of IOU, and they get to keep real money value such as gold and so forth without interest when that money belongs to taxpayers who work.

If they contradicted themselves it would just open a whole can of worms in this mess which already is spiraling out of control anyhow.

bulletproof21

well, it WAS Fords idea to send in the extra money cause they THOUGHT they underpaid. The IRS never asked them for it, Ford just sent it.

Flashwing

This is the reason I hate the fact that taxes are withheld from paychecks. If people actually had to cut a check to the government every year they would be much more critical about how their money is spent.

In the case of tax returns, the government gets to keep that money and invest it interest free and then return it later. They make cash off of money belonging to taxpayers.

Total crap. At least Ford got back the amount they overpaid as I wouldn't have been surprised if the IRS told them to **** off.