Bailed-out AIG wants $30.2 million in tax interest

Source: msnbc.com

American International Group, the insurance giant saved by a massive federal bailout, says it wants some tax money back — from 1991.

AIG is suing in Federal Claims Court in Washington for $30.2 million. It says that's how much interest is owed from an overpayment 21 years ago.

The company says it underpaid its taxes in the late 1990s. But it claims it overpaid in 1991, so the interest owed in the various tax disputes works out in AIG's favor.

AIG says it filed the lawsuit on Thursday because the statute of limitations on its claims was about to run out.

Read more: http://bottomline.msnbc.msn.com/_news/2012/07/06/12602774-bailed-out-aig-wants-302-million-in-tax-interest?lite

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6 replies	Author	Time	Post
Bailed-out AIG wants $30.2 million in tax interest (Original post)	IDemo	Jul 2012	OP
And they'll likely get it, lmao.	Huey P. Long	Jul 2012	#1
This message was self-deleted by its author	bupkus	Jul 2012	#2
I thought it didn't work that way.	Thav	Jul 2012	#3
It's my understanding that if the IRS finds you've underpaid your taxes seven years previous,	1monster	Jul 2012	#4
100%	dtom67	Jul 2012	#5
F them	april	Jul 2012	#6

Response to IDemo (Original post)

Fri Jul 6, 2012, 04:47 PM

Huey P. Long (1,932 posts)

1. And they'll likely get it, lmao.

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Response to Huey P. Long (Reply #1)

bupkus This message was self-deleted by its author.

Response to IDemo (Original post)

Fri Jul 6, 2012, 05:13 PM

Thav (526 posts)

3. I thought it didn't work that way.

The average american usually overpays their taxes each year through payroll with holdings, but we don't get interest back on that. Why should AIG get what everyone else doesn't?

Oh, they're big businees. We should add a 0 to the left of the decimal point and thank them for their services to the economy!

I'd rather say FOAD.

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Response to IDemo (Original post)

Fri Jul 6, 2012, 06:15 PM

1monster (8,736 posts)

4. It's my understanding that if the IRS finds you've underpaid your taxes seven years previous,

Last edited Fri Jul 6, 2012, 06:16 PM USA/ET - Edit history (1)

they will not go after you for it. (Unless it is part of an on going fraud or other criminal behavior.)

Why the heck should AIG, which underpaid later taxes and got a heck of a lot more than 30.2 billion dollars in their bail out get anything? Their seven year period was up in 1999.

Plus, if a tax payer fails to file for a refund in three years, that refund is forfited...

(edit: who, whom, which... and all that grammar stuff ;

)

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Response to 1monster (Reply #4)

Fri Jul 6, 2012, 06:43 PM

dtom67 (415 posts)

5. 100%

I can personally attest to your veracity.
Unless the rules are different now....

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Response to IDemo (Original post)

Fri Jul 6, 2012, 07:52 PM

april (1,148 posts)

6. F them

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