IRS to Refund Some Corporate Tax Overpayments

The IRS says it would return tax refunds to fewer than 1,000 business after OMB determined that those funds couldn’t be sequestered.

• “The IRS has a complete list of all taxpayers affected so taxpayers do not need to take any action,” the IRS said in a statement Thursday. “Funds and applicable interest will be sent out during fiscal year 2020”
• The sequestered refund payments date back to 2013 and are tied to tax credits related to the corporate alternative minimum tax, a tax calculation that requires companies to pay at least a set level of taxes
• NOTE: The 2017 tax ...