The $33 Million IRS Mistake!
It is not quite sure how some owners of vehicles from Dodge Dealers Kingwood thought that their gas guzzler qualified for a fuel efficiency tax credit, but they did. Because of errors by approximately 14,000 tax payers, the IRS is doing an audit for the entire lot of car credits filed. They will be checking to see when those vehicles at Ford Dealers Texas were produced to make sure that the ones that are actually correct for the credit match up with the dates that were followed. It is understandable that some of the fuel efficient cars, such as the Focus from Huntsville Ford, might get mixed up in the error. The Ford Focus has great fuel efficiency and perhaps those owners thought that the tax credit was applicable based on miles per gallon. That is understandable, but, claiming a Dodge Durango, Cadillac Escalade, and Hummer H3 are by no means fuel efficient, and now this audit is going to cost tax payers additional money.
The tax credits are currently in place for electric or alternative fuel vehicles, and the vehicles that fall under that category are far fewer than they have been in prior years. While the Toyota Prius used to come with a handsome tax credit for owners, it no longer qualifies. The Treasury Inspector General for Tax Administration performed an audit and discovered that 20% of these credits were erroneously filed. That equates to $33 million worth of tax credits going to people who should not have gotten them. The IRS will be busy trying to correct the problems, and these credits are meant solely for electric vehicles.
Interestingly enough, there were 88 incarcerated prisoners who claimed they had purchased electric plug-in vehicles and ended up getting $155,000 worth of credits. When you figure that the government is offering $7,500 for people who buy the Chevy Volt or Nissan Leaf and their forms don’t provide proper documentation to prove ownership, people are very tempted to fudge the truth on their taxes. However, now that these errors have come to light, you can expect more stringent documentation and the IRS plans on adding a line on tax forms for the VIN and the internet tax databases will be updated sooner rather than later.
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GM Closes 500 Dealerships
Why is it that General Motors still isn’t experiencing the sales growth that places like Infiniti Boston Norwood are? In recent months, sales have increased by around 10% for most auto brands, but GM has only experienced 6% growth. They recently announced that if you were planning on using a Chicago Bad Credit Auto Loan to purchase your new GM vehicle that you would have a smaller selection of stores to choose from. That is because more than 500 dealerships closed up shop at the end of October, an action that has been in the making since GM filed for bankruptcy back in Spring 2009. The decreased amount of dealerships should not affect the business at Buick GMC Dealer Birmingham.
The dealership closures are the result of the Obama administration and a stipulation of the government bailout. There were a total of 2,039 dealerships that were labeled to be closed during the bankruptcy terms, and very few remain open of that original number today. Some lawmakers in Congress oppose the closure, saying that the economy is strengthening back up and there is no reason to close so many businesses and lose so many employees. Plus, if these dealerships are soon to be allowed to reopen, think of the image they will have to rebuild for themselves.
GM dealerships that are nearby the ones that have closed report an increase in sales. It is hard to say whether or not that increase in sales comes from a recovering economy or from a lack of competition. Either way, an increase in sales and profit is great for the dealerships who survived the effects of the bankruptcy. Also, remember that Pontiac, Saturn, and Hummer were all under the GM family umbrella and those brands are no longer in production. Those loyal shoppers are likely to turn to other GM products in the future.
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Debt Collectors Using Automated Dialers to Call Consumers
By: Paul Rushing
If a debt collector is calling you with an automated dialer they may be held accountable under several Federal Laws. A recent news story at wcnc.com implies that debt collectors are not liable under the same law that governs the Do Not Call Registry. They failed to give the whole story.
Their story would lead consumers to believe that collection agencies or debt collectors in general are exempt from the Telephone Consumer Protection Act. This is not true. Read more
