The IRS’s Inability to Keep Pace with Non-Corporate Applications for Refund of Net Operating Losses Under the CARES Act Has Cost Taxpayers Millions of Dollars in Additional Interest

Audit · Treasury Inspector General for Tax Administration · 2022-09-07 · about Internal Revenue Service

Report

Title: The IRS’s Inability to Keep Pace with Non-Corporate Applications for Refund of Net Operating Losses Under the CARES Act Has Cost Taxpayers Millions of Dollars in Additional Interest
Submitting OIG: Treasury Inspector General for Tax Administration
Component agency: Internal Revenue Service
Type: Audit
Publication date: 2022-09-07

#	Status	Text
1	Closed	Devote additional resources to process the tentative refunds faster and reduce interest payments.
2	Closed	Develop contingency plans, specific to the processing of Forms 1045, so that taxpayers are not adversely affected by a future cessation in operations.
3	Closed	Develop contingency plans, specific to the processing of Forms 1045, so that taxpayers are not adversely affected by a future cessation in operations.
4	Closed	The Commissioner, Small Business/Self-Employed Division, and the Commissioner, Wage and Investment Division, should evaluate and update their compliance strategy associated with the CARES Act to determine if it matches the risks associated with…