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    Irs Interest Rate Review

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    Michael Barnes
    This document discusses an IRS Interest Rate Review (IIRR) which analyzes interest charged on tax overpayments and underpayments. An IIRR can result in substantial refunds even if another provider has already obtained refunds. The process involves obtaining taxpayer information from the IRS, analyzing interest charges and refund amounts owed, and representing the taxpayer during an IRS audit of any refund claim submitted. The entire process from information gathering to potential audit representation is estimated to take less than 4 months.

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    Irs Interest Rate Review

    Uploaded by

    Michael Barnes
    17 views3 pages
    This document discusses an IRS Interest Rate Review (IIRR) which analyzes interest charged on tax overpayments and underpayments. An IIRR can result in substantial refunds even if another provider has already obtained refunds. The process involves obtaining taxpayer information from the IRS, analyzing interest charges and refund amounts owed, and representing the taxpayer during an IRS audit of any refund claim submitted. The entire process from information gathering to potential audit representation is estimated to take less than 4 months.

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    This document discusses an IRS Interest Rate Review (IIRR) which analyzes interest charged on tax overpayments and underpayments. An IIRR can result in substantial refunds even if another provider has already obtained refunds. The process involves obtaining taxpayer information from the IRS, analyzing interest charges and refund amounts owed, and representing the taxpayer during an IRS audit of any refund claim submitted. The entire process from information gathering to potential audit representation is estimated to take less than 4 months.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views3 pages

    Irs Interest Rate Review

    Uploaded by

    Michael Barnes
    This document discusses an IRS Interest Rate Review (IIRR) which analyzes interest charged on tax overpayments and underpayments. An IIRR can result in substantial refunds even if another provider has already obtained refunds. The process involves obtaining taxpayer information from the IRS, analyzing interest charges and refund amounts owed, and representing the taxpayer during an IRS audit of any refund claim submitted. The entire process from information gathering to potential audit representation is estimated to take less than 4 months.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    IRS INTEREST RATE REVIEW (IIRR) The calculation of the correct amount of interest resulting from overpayments and

    underpayments is a highly complex area that is not computed by the IRS (and/or state taxing authorities) in the optimal manner for taxpayers.

    An IIRR can lead to substantial refund opportunities even if another service provider has already reviewed and obtained refunds due to IRS mistakes. Factors Federal and State Audits resulting in deficiencies Assessment in past 6 years Carryback claim Mergers and/or acquisitions Refunds received in the last 12 years. Process 1. Information

    We can easily access your transcripts with the IRS with a limited power of attorney Form 2848 (copy attached) which serves as the starting point through the IRS Tax Pro electronic services. http://www.irs.gov/for-Tax-Pros Note the limited power of attorney only allows for the review of a taxpayers transcripts (history of payments with the IRS for a particular time period). Alternatively, we can prepare the transcript request for the taxpayer and the taxpayer can directly submit the request to the IRS.
    1

    Normally, this process takes less than one week. 2. Analysis We will analyze the information collected and reconcile to the appropriate interest charge or interest refund amount. We will then provide feedback on adequacy of data to support our calculations and may request past IRS audit reports (assessments) and other company records documenting payment transactions with the IRS to the extent available. Once the supporting information is gathered and reconciled, we will be responsible for preparation of supporting interest refund claim (Form 843, copy attached) including detailed schedules supporting interest refund claim. The main areas of our review will include the following: Computational errors in IRS and other tax authorities programs for computing interest; Mismatch of credits and payments against amounts owing; Improper use of dates for filings and payments; Improper start date for computation of interest on credit elects; Improper ordering and use of overpayments against estimated tax installments; Improper application of the "use of money principal" as provided under case law; Netting opportunities for mergers and acquisitions; Netting opportunities across federal tax categories, including employment taxes and excise taxes; Improper application of foreign and other tax credits in computing tax and interest due.
    2

    Normally this process takes less than two weeks. 3. Audit Representation Generally, tax refund claims will be substantively reviewed and audited by the states and/or the IRS. Under a limited Power of Attorney, we provide audit representation services after you are notified that the refund is under examination. With your oversight and approval, we will represent you in the review of the interest claim. This process normally takes at least one month and can last up to four months (often times we will be interacting directly with the IRS to effect an efficient review by the IRS of the claim and expedite the process).

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