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  • Writer's pictureHolly Roundtree CPA

2019 – 10/31

Two nonprofits aren’t entitled to the refunded interest they were seeking. The Court of Appeals for the Federal Circuit has joined four other appeals courts in concluding that the interest rate the IRS is required to pay on tax overpayments by corporations also applies to overpayments by nonprofit corporations. It’s a lower rate than that paid on overpayments by other taxpayers. The case involved a medical center and a research institute. They had overpaid their taxes and argued that the IRS should have paid the higher interest rate on their refunds because they’re not corporations. The court disagreed because they’re incorporated under state law. (Charleston Area Med. Ctr. Inc., 10/17/19)

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