A California financial advising company alleges in a new lawsuit that the government owes it about $5.4 million plus interest because the IRS wrongly denied it tax refunds tied to domestic production deductions and research credits.
LPL Financial Holdings Inc. said it was owed refunds for its 2012-2014 tax years because, in each year, it should have been permitted to claim a deduction under tax code Section 199 for domestic production activities and a credit under Section 41 for research activities. The company provided proprietary services involving technology, brokerage, and investment advice to thousands of financial professionals, according to the ...
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