Ford Motor Co. sues feds for overpaid taxes

Source: Detroit News

Ford Motor Co. is suing Uncle Sam, claiming the Internal Revenue Service owes it nearly half a billion dollars in interest payments on overpaid taxes.

The Dearborn automaker filed a lawsuit Thursday seeking more than $445 million in interest payments on corporate taxes it overpaid between 1983 and 1989 and between 1992 and 1994.

The IRS has already refunded the excess payments and some interest, but Ford says not all.

"We believe the IRS failed to pay the correct amount of interest," said Ford spokeswoman Marcey Evans. "We tried to resolve it at the administrative level without success. Because of the size of the amount and the dispute, we had no choice but to file."

Ford, which lost $2.7 billion last year, recently reneged on a promise to restore profitability in 2009 and is expected to announce detail of an accelerated restructuring later this month. It is currently in the process of cutting 15 percent of its North American salaried payroll.

Read more: http://www.detnews.com/apps/pbcs.dll/article?AID=/20080711/AUTO01/807110425/1148/rss25

The car buying public makes less money, and is less secure. Add that they had been buying new cars at the beginning of the first * term, they can now sit in slightly older cars until prosperity returns.

In the interim, hurting the auto industry allows union degradation in its strongest area, then allowing greater disparity of income.

But, the real problem may just be that they've maxed the cash advances on our nation's credit card and now try to wait until the credit card statement will come after their performance review in November.

Look to see that this is just one corporation of many in waiting.

Drip, drip, drip.

We were the big manufacturers because of our waterway. Stoves were big. Metal objects. Mostly, all gone for the auto decision makers' self-projected happiness.

Yes, auto factories appear all over the country now, but, those states had other industries and a plant or two was an addition or local replacement for them and a tax break for auto headquarters.

Republicans can be very detailed as evidenced by the Katrina help by counties skipping counties that voted blue.

if I overpay my taxes? Doesn't seem right.

Begining the seventh week after your taxes are filed, the IRS begins to owe you interest on any moneys due back to you.

even receiving "refunds" on taxes never paid in the first place.

The fault here is not w/the IRS, per se, but rather w/Ford, they can't sell the behemoths they have been building and now they are screaming for cash.

Where was the call for error back in 1983/1989 and 1992/1994? Suddenly some CPA "found" the mistake?

This stinks like a barrel of rotting fish.