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IRS delays in processing NOL refund claims costing taxpayers millions in interest - Vimarsana News

IRS delays in processing NOL refund claims costing taxpayers millions in interest

Published: September 12, 2022

The Internal Revenue Service's backlog is having an impact in many areas, including the handling of noncorporate applications for refund claims on net operating losses.

Source: accountingtoday.com
Related Topics:
United StatesAndrew Harrer BloombergTax AdministrationRevenue ServiceInvestment DivisionInternal Revenue ServiceTreasury Inspector GeneralTax CutsJobs ActTentative RefundSelf Employed DivisionInternal Revenue ManualLia ColbertTax RefundsCares Act
IRS approving most NOL carryback claims with little vetting - Vimarsana News

IRS approving most NOL carryback claims with little vetting

Published: September 7, 2022

The agency issued billions of dollars in tax refunds to companies claiming net operating losses for prior years after passage of the CARES Act, but did little to examine the claims.

Source: accountingtoday.com
Related Topics:
District Of ColumbiaUnited StatesSamuel Corum BloombergUs Corporation Income TaxTax AdministrationRevenue ServiceInternational DivisionInternational DivisionsCommittee Refund CaseCongres Joint Committee On TaxationInternal Revenue ServiceTreasury Inspector GeneralCorporate ApplicationTentative RefundSelf Employed DivisionIncome Tax ReturnLarge BusinessTax CodeJoint Committee RefundCongres Joint CommitteeJoint Committee Refund CaseLia ColbertTax CutsJobs ActWork Opportunity Tax Credit