April 14, 2025
Claiming Dormant Tax Refunds Through Section 1311...
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Taxpayers should try to claim tax refunds within the statute of limitations. Sometimes they can't. Taxpayers under audit, for instance, might have a contingent claim that won't be ripe until the audit concludes. In these situations, a seasoned tax advisor will likely recommend submitting a protective claim for refund, safeguarding the statute of limitations. But if it is too late to file a protective claim, there are still avenues for taxpayers to claim a refund.
March 6, 2025
The S Corp with an Evergreen PLR...
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A Private Letter Ruling is as close as you can get to certainty in the tax world. That's why the IRS charges up to $43,700 just to look at one. But so long as you don't misrepresent the facts, a PLR is a binding interpretation of current law on both the IRS and the courts. A favorable ruling can reduce tax-return disclosures and FIN 48 adjustments included in applicable financial statements, among other benefits.
February 26, 2025
AARs: Streamlined Corrections for BBA Partnership Returns...
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Amending tax returns is a necessary evil—sometimes. Correcting a return to add $15,000 of unreported income might not make sense to taxpayers if it costs $25,000 to amend, putting aside ethical and other considerations. But suppose it's an issue with an improper method of accounting.
