Taxpayers who paid penalties or interest between 2020 and 2023 may have an opportunity to preserve potential refund claims while the courts determine the final outcome of the Kwong case.
Most taxpayers know one tax date by heart: April 15.
Miss that deadline and the consequences can be expensive. Penalties begin to accrue. Interest starts running. Refund opportunities can expire. For years, taxpayers and advisors alike have accepted those rules as fact.
But what if the deadline wasn’t actually April 15?
A recent federal court case is raising exactly that question—and the answer could mean refunds of penalties, reductions of interest charges, and even additional interest owed by the IRS to certain taxpayers.
While the issue is highly technical, the planning opportunity is surprisingly straightforward.
Does the IRS Owe You Money? A Recent Court Case May Create Refund Opportunities.
