Credit: Deemerwha studio/Shutterstock. Taxpayer Scores Major Victory in Franchise Tax Case
The 'Jefferies Group and Subsidiaries' case involved refund claims of over $10 million. While the Tax Division, among other challenges, objected to numerous positions taken on the corporate returns, the New York State Division of Tax Appeals rejected almost all claims made by the Tax Division.
September 20, 2023 at 12:00 PM
10 minute read
Occasionally a client, concerned about having to pay interest on a potential tax deficiency, asks whether it makes sense to report and pay additional tax in the first instance (for example, by not taking a position on his tax return that may be challenged by the Tax Division) and then later file an amended tax return to claim a refund of the additional tax paid.
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