Law instructs DOD to notify veterans whose disability severance payments were improperly taxed
VIRGINIA BEACH, Va., Feb. 08, 2018 (GLOBE NEWSWIRE) --
Liberty Tax, Inc. (NASDAQ:TAX)
Liberty Tax proudly supports our military men and women who risk their lives every day to protect our freedoms and liberties. Liberty Tax applauds the hard work of Congress, particularly Sen. Mark Warner (D-Va.), who advocated for passage of the Combat-Injured Veterans Tax Fairness Act of 2016, which gives those veterans what they are owed – a refund on federal taxes improperly withheld from disability severance payments.
Sen. Warner announced this week that the Department of Defense (DOD) will begin the process of notifying more than 130,000 combat-injured veterans that they may qualify for a federal tax refund. Veterans who received disability severance payments, as far back as 1991, may soon receive a letter notifying them that they were improperly taxed on those payments. Qualified veterans will have only one year to claim their refund by filing an amended federal tax return. To assist our veterans navigating this process, participating Liberty Tax locations will file the Form 1040X Amended U.S. Individual Income Tax Return for free.
“At Liberty Tax, we don’t want to see anyone pay more in taxes than they should, but it is particularly distressing to find out that for years that the men and women who have made such major sacrifices for our country have been improperly taxed on disability payments,” said CEO Ed Brunot, a Gulf War veteran. “Fortunately, our legislators have stepped in to right this wrong, and we couldn’t be more pleased to assist in this effort.”
Liberty Tax, headquartered in a major military region and a proud supporter of the USO, understands the challenges members of the military face when it comes to deployments, combat zone exclusions, and other complexities of the tax filing process. We also know that taxes are the last thing they need to worry about while serving our country. That is why our professional tax preparers are trained to help veterans and active duty military members file the most accurate return.
Liberty Tax honors our troops and their families and thanks them for their service.
About Liberty Tax, Inc.
Founded in 1997, Liberty Tax, Inc. (NASDAQ:TAX) is the parent company of Liberty Tax Service. In the U.S. and Canada, last year, Liberty Tax prepared over two million individual income tax returns in more than 4,000 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor to many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.
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