Business Briefs: Residents owed $14 million

Business Briefs: Residents owed $14 million

March 16th, 2013 by Staff Reports and Associated Press in Business Around the Region

Residents owed $14 million

Refunds totaling over $14 million may be waiting for an estimated 16,400 Tennessee taxpayers who did not file a federal income tax return for 2009. To reclaim the money, the Internal Revenue Service says a return for 2009 must be filed with Uncle Sam no later than April 15, 2013. The IRS estimates that half the potential refunds for 2009 are more than $550.

IRS spokesman Dan Boone said some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund.

DuPont boosts pay for CEO

DuPont Co. chairwoman and CEO Ellen Kullman received compensation valued at more than $12.7 million last year, a 5 percent increase from the $12.3 million she received in 2011, according to an Associated Press review of a company filing with financial regulators. Kullman's higher pay came even as DuPont saw its earnings fall about 6 percent last year.

In a proxy statement filed Friday with the Securities and Exchange Commission, the Wilmington, Del.-based chemical giant credited Kullman with providing clear direction on DuPont's long-term growth strategy.