AudioDigest*

Solving the mystery of IRS interest computations

The IRS is, at times, not very good at computing interest related to tax accounts. This may create significant refund opportunities for many taxpayers. Understanding the interest computations performed by the IRS, recognizing the errors that the Service most often makes, and periodically reviewing your tax accounts to identify these errors may help your company recover overpaid underpayment interest and/or additional overpayment interest — potentially large interest amounts that you may not be aware you are entitled to receive.

In this podcast, interest professionals from PricewaterhouseCoopers' Managing Accounts team, Theresa Reiger, Greg Dunn, and Mike Urban, discuss when and how the IRS computes interest, the challenges the Service faces in getting its computations correct, and the potential refund/recovery opportunities that exist for taxpayers related to interest and other account issues. Our podcast panelists also offer practical advice regarding how taxpayers may raise interest issues with the IRS.

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