Tax News
Flash - Are you eligible for an interest adjustment?

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April 8, 2015

Are you familiar with interest adjustments related to either 1) May Department Stores v. United States (IRS Revenue Ruling 99-40) or 2) Corporate Interest Netting (IRS Revenue Procedure 94-60)?

Both interest calculations impact a very select group of taxpayers - typically individuals and corporations with large tax liabilities.

FTB is reviewing interest calculations related to these two adjustments. The statute of limitations may soon expire for refund claims for tax year 2010. If you believe this applies to you, please refer to our website at ftb.ca.gov and search Interest Adjustment for more information.

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