Did your business pay penalties to the IRS during or shortly following the COVID-19 pandemic? If so, you may now be eligible for a refund on those penalties.
What happened: Recent federal court decisions suggest the IRS may have applied certain COVID-era filing and payment deadlines too narrowly.
Why it matters: Some businesses that paid IRS penalties or interest during the COVID-19 pandemic may now have an opportunity to seek refunds.
The bottom line: Businesses that paid IRS penalties, interest, or related charges between 2020 and 2023 should review their records now. Some refund deadlines may begin expiring as early as July 10, 2026.
In this alert, we will:
- Explain the recent federal court decisions;
- Discuss which businesses may have potential refund claims;
- Identify the types of penalties and interest that may be eligible for refund;
- Highlight important deadlines that may affect your right to seek a refund; and
- Outline the steps businesses can take to preserve and pursue potential claims.
Tax Implications of the One Big Beautiful Bill Act
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On July 4, 2025, President Donald Trump signed H.R. 1 into law. The legislation, often referred to as the “One Big Beautiful Bill Act” (OBBBA), will have a significant impact on businesses and business owners through tax relief, expanded deductions, government subsidies, and other measures.
Lipsitz Green Scime Cambria has prepared the following, which highlights select provisions in the OBBBA that are particularly vital for businesses to note. We encourage you to discuss the OBBBA’s impact on your business with your legal and financial advisors as needed.
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Changes to Tax Audits for Partnerships
Effective as of January 1, 2018, certain rules governing federal income tax audits of partnerships have changed substantially as a result of the passage of the Bipartisan Budget Act of 2015 (the “Act”). These changes require taxpayers who conduct business as a partnership or other entity treated as a partnership for tax purposes (such as a limited liability company with multiple owners) to amend their partnership agreements (if you conduct business as a partnership) or operating agreements (if you conduct business as a limited liability company) to address issues raised by the new rules.