Released 7/13/18 at Accounting Today | Tags: Congressional Legislation
The Internal Revenue Service is preparing to send millions of dollars in tax refunds to veterans who received disability severance payments starting in 1991.The tax refunds are the result of a 2016 law known as the Combat-Injured Veterans Tax Fairness Act (see Combat-injured veterans receiving special tax refund). More than 133,000 injured vets may qualify for the tax refunds, according to the National Veterans Legal Services Program, originally estimated to amount to $78 million but now thought to be much more than that sum. The tax refunds are expected to average $1,750 or more, according to CBS News.