refund

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refund

noun compensation, cut, discount, money back, payment for expenses, rebate, recompense, recoupment, reduction, refundment, repayment, replacement, restitution, return, satisfaction, settlement

refund

verb adjust, compensate, dissolvere, give back, honor a claim, indemnify, make amends, make commensation, make good, make restitution, pay back, rebate, recompense, reddere, redeem, reimburse, repay, replace, requite, restore, return, satisfy, settle, square
See also: bear the expense, compensate, consideration, defray, discharge, indemnify, indemnity, payment, quit, rebate, reciprocate, recompense, recoup, reimburse, reimbursement, remunerate, repay, replace, replacement, restitution, restore, return

TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid.
     2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies which they may have paid, or so much as may be necessary. to pay the debts of the testator; and in order to insure this, they are generally authorized to require a refunding bond. Vide 8 Vin. Ab. 418; 18 In Vin. Ab. 273; Bac. Ab. Legacies, H.

References in periodicals archive ?
Due to escrow considerations and issuance costs, the refunding issue will typically have a larger principal amount than the refunded issue, which produces a loss from an accounting standpoint, even if the transaction produces savings from an economic standpoint.
Once your claim is approved, the amount will be refunded within five business days.
If a final determination results in no tax deficiency, the payment will be refunded. These are the types of situations which must be closely analyzed to determine the best course of action for the taxpayer.
shall be considered as the date of allowance of refund or credit in respect of such tax." No definitive authority exists on which date is correct; however, based on existing guidance (discussed below), the better answer appears to be that the check date determines when an overpayment has been refunded for Sec.
This is because the IRS does not net interest if an overpayment or underpayment was previously in existence but has been satisfied as of the time the netting computation is performed (i.e., the deficiency has already been fully paid by the taxpayer and/or the overpayment has already been fully refunded by the Government, so that one of the taxpayer's tax accounts has a balance of zero).
When an overpayment claimed on a return is either refunded or applied against the next year's estimated tax and subsequently it is determined that the tax shown on the return is understated, interest on the deficiency may start later than the due date of the return, depending on how the claimed overpayment was handled.
If an overpayment claimed on a return is credited to the succeeding year's estimated tax or refunded without interest, from what date will interest be assessed on a subsequently determined deficiency for the overpayment return year?
If the backup withholding cannot be refunded directly by the payor, a second alternative allows exempt organizations (including pensions and other retirement plans) to request a refund by filing Form 990T, Exempt Organization Business Income Tax Return.
On the other hand, if X pays the deficiency on June 1, 1995, and the overpayment is refunded on June 1,1995, the IRS would pay interest (at the overpayment rate) from April 15, 1989 until June 1, 1995, and X would pay interest (at the underpayment rate) from April 15, 1988 until June 1, 1995.
6611(a) provides generally that interest is paid on any tax overpayment not refunded within a certain time.
The court noted that no interest offset was proper for interest on that portion of a deficiency ultimately refunded. However, the court left open the question of whether the IRS could offset interest on the valid portion of the deficiency against a partial refund of tax.
6511(a), the SOL is open for filing a refund claim if the claim is filed within three years from the date the original return was filed or, if later (as in the case of an audit settlement), within two years from the date that the tax payments sought to be refunded were made.