After the audit program's administrative costs, underpayments
paid to providers, and appeal reversals, the Medicare Recovery Audit Program returned approximately $1.
Begin issuing refund checks immediately just as back bills for underpayments
currently are being sent.
Issues: The interest rate charged by the IRS on taxpayers' underpayments
is higher than the interest rate received from the IRS on overpayments.
Before applying the mechanical test for determining whether an underpayment
is deemed substantial, the taxpayer excludes any portion of the underpayment
for which (1) there is substantial authority for the treatment of the position, or (2) the position was adequately disclosed in the tax return and there is a reasonable basis for the treatment of the item (Sec.
We did not have the resources to track underpayments
Jana Howard, assistant director of the FTB's legislative services bureau, detailed some 2005 bills affecting the profession, including AB 115, the federal conformity bill; AB 911, the amnesty clean-up bill; and SB 14, which provides an exception to the estimated tax underpayment
penalty that results when a law change retroactively increases a taxpayer's estimated tax payment.
Lawsuits filed under the False Claims Act by the Project on Government Oversight (POGO) along with two government whistleblowers forced Arco, Mobil and other oil companies to pay the federal government more than $438 million to settle royalty underpayment
claims relating to drilling on federal property.
When POGO used the FCA to file suit in 1996, they asked Bob Berman and Bob Spier, another government worker who had blown the whistle on oil royalty underpayments
, if they wanted to join in the suit.
A taxpayer who underpays his or her taxes is required to pay interest on the underpayment
at a rate equal to the Federal short-term interest rate plus three percentage points.
We are confident that we can begin to close the gap on possibly missed underpayments
by partnering with Apollo.
and overpayments between a pre-merger acquired corporation and the post-merger surviving corporation.
6621, to the extent interest is payable on underpayments
and allowable on overpayments for an overlapping period by "the same taxpayer," the net rate of interest on the underpayment
and overpayment amounts is zero for that overlapping period.