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Bush tax rebates borrowed from next refund { January 2008 } Original Source Link: (May no longer be active)    http://www.tribune-chronicle.com/page/content.detail/id/500571.html?nav=5021 http://www.tribune-chronicle.com/page/content.detail/id/500571.html?nav=5021 Experts: Rebates not free windfall Claim money a credit on ’09 refunds By JOHN GOODALL Tribune Chronicle POSTED: January 26, 2008 WARREN — Experts are cautioning against viewing the tax rebates that many will receive as windfalls of extra cash. In reality, they will be advances on tax refunds that people would have gotten in the future anyway, said Margaret Filaccio, a certified public accountant in Liberty. The new wrinkle is that they will get them early, she said. The rebate checks are part of a $150 billion stimulus package working its way through Congress. Technically, the rebates will be credits based on tax year 2008. The government wants the public to spend and jump start the economy now — not wait until 2009 to have the money in hand, the experts said. Because the agreement reached between the U.S. House of Representatives and the Bush administration has not been finalized, local certified public accountants hesitate to comment on the details. That particularly applies to how the rebates would affect tax refunds due in 2009. ‘‘If it works like it did last time, it’s just an advance payment,’’ Henry Sforza, a Warren certified public accountant, said of the rebate. ‘‘It’s (reduction of the 2009 refund) dollar for dollar, unless they make some sort of exception.’’ In 2001, individuals got rebates of up to $300, and couples up to $600. They were made available against the following year’s tax returns. But views on the latest rebate program are not unanimous. Some experts believe the only effect it will have on 2009 refunds will be as taxable income that could reduce their size. A spokesman for U.S. Rep. Timothy J. Ryan, D-Niles, contacted late Friday could not comment on the CPAs’ interpretation of the proposed rebate program. Brian Hill, tax manager for the Warren CPA firm of Thomas, Wathen & Ziegler, agrees with Filaccio and Sforza. ‘‘It’s more of an advance,’’ Hill said. He pointed out, though, that details have yet to be finalized. If the rebates cut refunds due in 2009, that could create problems for recipients, Filaccio, said. She said many people treat annual refunds like savings and count on them for special uses like vacations. Filaccio said it could be an unpleasant shock for those people to discover that they have already spent a large chunk of their expected refunds. The Liberty CPA said the rebates are targeted to those who earn income and pay taxes. Those such as retirees on Social Security would be left out, she said. ‘‘What about the elderly? Couldn’t they use a rebate?’’ Filaccio said. ‘‘That’s what is fundamentally unfair.’’ Hill noted that the program could dump significantly more money into the economy than it did in 2001. ‘‘It will be interesting,’’ he said. ‘‘We haven’t seen this level of liquidity before.’’

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