Benefits of IRS Interest Review

  • Identification of potential interest errors and inconsistencies 
  • Identification of opportunities to reduce interest through offsets, credits and interest netting
  • Reduce deficiency interest
  • Obtain refunds

Reviewing IRS account information may result in the identification of IRS errors or misapplications of payments that may help you avoid excess payments and/or recover sums to which you are entitled. A review of IRS accounts, interest and processing may result in significant reduction or refund of interest and penalties as well as the correct application of tax payments and credits. These reviews include:

Traditional Account Analysis and Recovery: a review of IRS transcripts to identify potential recovery opportunities of interest, penalties or misapplied payments. This service includes the preparation of refund claims for the identified recoveries and working with the IRS to facilitate the processing of such claims.

Interest Netting Study: a review of the deficiency and refund interest, paid or allowed, to determine if the interest netting provisions under IRC Section 6621 apply. Such situations often can provide refund opportunities. This service includes the preparation of the interest netting refund claim and working with the IRS to facilitate processing of the claim.

Interest Analyzer Service: calculates the total interest owed or to be refunded based on a given set of tax adjustments for a proposed IRS exam settlement, or for tax provision/FIN 48 purposes.

irs interest review