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Courtesy of WSJ (I am not sure if this shouldn't be in Money Funnies)
After Inflating Their Income,
Companies Want IRS Refunds
By REBECCA BLUMENSTEIN, DENNIS K. BERMAN and EVAN PEREZ
Staff Reporters of THE WALL STREET JOURNAL
A parade of big companies is under investigation for inflating
their earnings during the stock-market boom of the 1990s. Now
some of them see an unusual silver lining: They want back the
taxes they overpaid along the way.
In the latest wrinkle 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 Internal Revenue
Service because of tax payments on billions of dollars they
falsely claimed to have earned. Qwest Communications International
Inc., which plans to restate $2.2 billion in revenue, also is
likely to seek a refund. Embattled HealthSouth Corp., accused of
overstating its earnings by more than $2 billion, said that it hasn't
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 tenet of tax law -- both for individuals and corporations --
that those who overpay are entitled to a refund.
Click here to read the whole article.
[Can't read it? Get a two week free trial of the WSJ]
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Published TaxMama.com 5.02.03
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