'Ford vs. Internal Revenue Services (IRS)'

Ford vs. Internal Revenue Services (IRS)

By Sam Heisin at 07/13/08 14:34

Ford Motor Company finally made a decision that may help them back to the line of profitability. Ford sued the Internal Revenue Services for a whopping amount of $445M. The case is said to have been due to the unpaid refunds to Ford.

According to Ford, Internal Revenue Services owes them the interest on overpayments in 1983 to 1989 and 1992 to 1994. However, the IRS said in a report that they have already paid Ford the interest of overpayments, of which Ford has strongly denied.

The exact amount of $445,292,207 is what Ford wants from the US department. This almost half a billion dollar case is nothing to what IRS can give. Half a billion will not even make IRS blink. But if ever Ford wins this case, they will be rejoicing for sure.

Ford have recently been reported to have sold some of its assets in an effort to raise needed capital to bring back Ford to profitability. Ford have already sold Ashton Martin, Land Rover and Jaguar, a move that gave Ford billions of dollars. Many are seeing that the next one Ford will be selling is its Volvo arm.

If ever Ford won and be granted with the $445M, it may bring back Ford to the top line. And many would agree that this move by Ford is by far a good deed. IRS have been involved in many issues and been acting as the greatest nightmare Americans had. It's abusive behavior resulted to the majority of the people backing Ford for this case.

A lot of people will sure be watching over this battle. And at the end, whoever will the winner be, they will still be announced half a billion richer than yesterday.

Name:     (required)
Email:    (required, not published)
Comment: