Incorrect interest calculations may result in your company paying more interest than is owed or receiving less interest than you are due. The Treasury Inspector General stated the IRS could be overcharging taxpayers by nearly $250 million in interest over a five-year period.
Identifying and correcting interest inaccuracies is complicated by the highly technical nature of interest issues, ever-changing guidance, and inconsistent interpretations within the IRS. Accurately tracking IRS transactions among tax types and tax periods is difficult and working through IRS bureaucracy to resolve issues uses valuable corporate resources. Companies have recovered millions of dollars in overpaid interest from the IRS.
For more information, contact one of our Managing Accounts professionals today.