There are many factors that could represent an opportunity for a refund of federal interest payments made with your tax returns. Among them:
Calculating the correct amount of interest, from overpayments and underpayments - it’s important. It is often not computed accurately by either the IRS or state tax authorities, for the above reasons and more. The process of determining what you may be rightfully owed can be complex and time-consuming.
As tax experts, we can help you collect the necessary information you’ll need to support your claim for a refund. Upon evaluation, and given a power of attorney, we will be able to identify your possible opportunities for a refund. During this analysis phase, we will go through the information and reconcile back to the refund amount you are owed. When this is complete, we prepare for you the interest refund claim, which includes detailed schedules.
There are several main areas of review:
Calculating the correct amount of interest, from overpayments and underpayments - it’s important. It is often not computed accurately by either the IRS or state tax authorities, for the above reasons and more. The process of determining what you may be rightfully owed can be complex and time-consuming.
A further service we can provide is a Transcript Recovery Review, to be performed annually. This is typically done within sixty days of the closing of your tax year-end. Any potential new recoveries will be pursued - we will report back to you with our findings. The report will itemize and detail any new penalties against your federal tax transcripts, such as employment tax. We will also report on any recovery opportunities we have identified on your behalf.
As mentioned, this type of analysis requires considerable knowledge of tax codes. The opportunities exist for significant recovery of funds due to overpayment of federal interest payments; we are more than capable of assisting your business in this regard.