Amended return interest proposal.
Tax Executive - Vol. 44 Nbr. 2, March 1992
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Letter submitted to Representative Dan Rostenkowski in response to Bush Administration's 1993 Budget proposal
The Bush Administration's 1993 Budget includes a provision that limits interest owed by the IRS on amended forms and refund claims in a clear violation of taxpayers' rights. The proposal extends the 45-day after filing grace period to effect amended forms and refund claims regardless of who was at fault in the error and how long the IRS has incorrectly had use of the taxpayers' money. The budget would require taxpayers to extend interest-free loans to the IRS at the IRS's discretion in direct contradiction to the present taxpayers' rights legislation in Congress.
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Amended return interest proposal.
As an organization that represents corporate tax professionals, Tax Executives Institute has a deep and abiding concern for the administrability of the Internal Revenue Code and the overriding fairness of the Code's provisions affecting the enforcement, collection, and payment of taxes and interest. From this perspective the Institute is distressed that a proposal to restrict the payment of interest on refunds owed taxpayers has been included in President Bush's 1993 Budget and in the House Ways and Mea...
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