Large Tax Refunds- Will IRS hold ? - Spidell

Large Tax Refunds- Will IRS hold ?

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Message Board Large Tax Refunds- Will IRS hold ?

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    • #225606
      Ben Carmichael
      Participant

      This is for the folks over at Spidell- I have taxpayers who typically carryover large

      refunds to pay 1st quarter & 2nd quarter estimates. Based on what’s going on- we

      are going to ask for refund backs and make payments in July if the business has any

      income- Typically the IRS holds or reviews refunds over 25 K ?  Any comments or

      can you reach out to your contacts. I just want to warn taxpayers about possible delays.

       

      Thanks

       

    • #226201
      Lynn Freer
      Participant

      I’m assuming it will be business as usual but IRS is saying they want to get refunds out. I would suggest that unless the t/p ‘s income is going  down, the best thing to do would be to carry the refunds forward. As interest paid right now is near zero, just be safe and apply to next year.

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