Strategizing International Tax Best Practices – by Keith Brockman

Joint Committee refunds

This report was issued in June, 2020, and is interesting to note the Treasury Inspector General’s report re: IRS process for refund claims.

This audit was initiated to assess the effectiveness of the IRS’s efforts to examine returns with refunds in excess of $2 million ($5 million for C corporations) and report to the Joint Committee on Taxation (JCT) on such refunds.

This issue is made more interesting as more companies are getting ready to file federal income tax carryback claims due to COVID-19 losses, for which such carry back was made possible by the Cares Act.

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