Practitioners beware - use of Form 1045 or 1139 may create unexpected liability.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on December 1, 1996. The length of the article is 1165 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Applying for a tentative refund for carryback losses by using IRS Form 1045 or Form 1139 may accelerate the refund process, but taxpayers using tentatives may be exposing themselves to tax liabilities that are otherwise barred by the statute of limitations. The IRS can offset carryback refunds with assessments from the closed tax year at issue. Interest can be added in that exceeds the refund, creating a net tax liability. Making post-audit claims for refund on Forms 1040X and 1120X will protect the taxpayer from such unforseen risks.

Citation Details
Title: Practitioners beware - use of Form 1045 or 1139 may create unexpected liability.
Author: Kathy L. Everidge
Publication:The Tax Adviser (Magazine/Journal)
Date: December 1, 1996
Publisher: American Institute of CPA's
Volume: 27 Issue: n12 Page: 763(2)

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