Tax Tips – Supreme Court decision may open door for refund claims

Description

Abstract: This issue’s “Tax Tips” offers several important snippets of information, such as the possibility that the Supreme Court might open the door for refund claims. It also provides a warning to taxpayers regarding suspicious telephone callers, and notes that, if a business is structured as a C corporation, it should watch out for the accumulated earnings tax. This 20% penalty applies to corporations the IRS perceives to be retaining unreasonably high levels of earnings in order to avoid or defer taxes on dividends paid to shareholders.