There's the version of tax resolution the late-night commercials sell you. Then there's how it actually works. I'm Darrin Mish, a Tampa tax attorney. I've spent 32 years on the inside of these cases. Here's the real version.
Ford Motor Company has suffered a major setback on Monday. The U.S. Supreme Court has refused Ford Motor Company’s request for $470 million from the Internal Revenue Service. Click here to watch or read more information on IRS Back Taxes.
This tax dispute is a legal battle between the government and Ford Motor Company. The last chapter of this legal battle occurred in October 2014. That month, the 6th U.S. Circuit Court of Appeals has ruled in favor of the Internal Revenue Service. The latest decision by the U.S. Supreme Court leaves that ruling intact.
Ford Motor Company has overpaid certain taxes back in the middle 1980’s and 1990’s. The Internal Revenue Service has credited Ford Motor Company for these overpaid taxes. However, Ford Motor Company has claimed that these overpayments constituted a loan to the Internal Revenue Service and should have accumulated interest.
The first court where this case was considered is a Michigan district court. In 2010, it denied Ford Motor Company a $470 million interest payment. The second court where this case was considered is the U.S. appeals court. In 2012, it ruled against Ford. But the Supreme Court annulled the ruling of the appeals court because of technicality. The appeals court had to reconsider the lawsuit but made exactly the same ruling.
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