Kwong v. United States: New Rules for COVID-Era Tax Refunds

Get more information about the topics that affect you! 🌎Website - https://askfrost.com 💼LinkedIn -   / frost-&-associates   📘Facebook -   / frosttaxlaw   🐤Twitter -   / irstaxissues   In this episode, Alyssa Whatley, Esq., Jessica Marine, Esq., and Peter Haukebo, Esq., break down the implications of the recent Kwong v. United States ruling. While many taxpayers believed the window for COVID-era tax claims had closed, this Court of Federal Claims decision reveals a mandatory extension of due dates that could unlock refunds and penalty abatements for millions of Americans. The conversation offers a deep dive into Section 7508A(d) of the tax code, explaining how the court found that tax filing and payment deadlines were legally moved to July 10, 2023. You’ll learn how this affects personal tax returns from 2019 through 2022, potentially eliminating failure-to-file and failure-to-pay penalties, as well as underpayment interest. Finally, the team explores the ripple effects of this case, including its potential to extend the filing period for the Employee Retention Credit (ERC) and its creative application in bankruptcy law to defeat the one-day-late rule for discharging tax debt. Whether you currently owe the IRS or have already paid off balances from the pandemic years, this discussion provides the actionable insights needed to reclaim your funds before the July 2026 deadline. Learn more about this ruling here: https://askfrost.com/news/erc-refund-... #taxlaw #irs #kwongvunitedstates #erc #taxrefund #penaltyabatement #covid19relief #bankruptcylaw #frostlaw Frost Law is comprised of skilled tax attorneys, business attorneys, litigation attorneys, estates attorneys, Certified Public Accountants, Certified Financial Planners, and other tax professionals. We have been serving clients across the country and abroad. We have office locations on the East Coast in Maryland, Virginia, Washington, D.C., Pennsylvania, and Florida and serve clients internationally. DISCLAIMER: This video is not legal, tax, or financial advice. Talk with a professional about your situation before making any legal or financial decisions. These videos also do not create attorney-client privilege.