IRS CCA: Clarifying Large Erroneous Refund, Associated Penalty (IRC §6676)

The Chief Counsel’s Office advised on the applicability of IRC §6676 to large erroneous refunds and associated penalties. The guidance clarifies that Section 6676 of the tax code should be applicable when the limitations period for other penalties has expired. [CCA 202538020]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.