Question

Duane paid his 2011 federal income taxes in January 2014 in the amount of $10,000 and then paid $4,000 interest and penalties on this amount in May 2015. In April 2017, Duane filed a claim for refund of the $1,000 as a result of a sizable operating loss from his business in tax year 2016. Can he recover the 2011- related amounts?

Answer 1

Soba Duane paid his 2011 federal income taxes in january 2014 in the amount of $ 10.000. =) January 2014 in the amount of $10.000 and then Paid interest $4.000 as Penalties on this amount in may 2015. In April 2017. =) field a claim for refund of the $1.000 - The sizable operating loss from his business in -lox year 2016. claim of credit of offund the taxpayer must file timely through prescribed form. It the subject to original tax amount, the amount of claim exceeds $ 2 million then the amount of joint committee. TRS "Internal Revenue services is a v.s. Sovesoment agency responsible for the collection ob taxes and enforcement of tol laws IRS must review before claim 06 Defend is issued to the tarpaueo. If refund is after 3 years then the refund amount limited to only tax portion which is paid Preceding two year of filling claim.

mo Duane paid his federal income tax OG 2011 on 2014 to $10.000 and interest and Penalty ells $4.000 or may 2015. Due to loss mo. Duane can claim the Previous too years tax amount. But the paid amount Delated Ho Proceeding two years one zero. A. Hence Mr. Duone only recovers the penalty and interest amount related to 2011 bet subject to clean 06 any dispute.