Federal Case Study

Large Global Chemical Company

This global chemical company, with over $26 billion in sales and over 52,000 employees, is one of the largest chemical companies in the world, selling its products in over 90 countries.
The company had settled with the IRS for tax years 1999 through 2011. The closeout of the audits for the earlier years during this period (1999 through 2004) resulted in refunds to the company, but the settlement for the later years (2005 through 2011) resulted in deficiencies being assessed. IRS assigned different complex interest technicians to calculate the interest for the two sets of audited years. Because of this, the company was forced to overpay interest for the deficiency years to prevent the assessment of the Large Corporate Underpayment Interest (Hot Interest) and later file claims to recover the overpaid interest.
The company retained Ashland to review the years and calculate the correct interest. Ashland obtained transcripts for all the years, performed an interest calculation and determined that the IRS owed the company $4.3 million. Ashland prepared a claim for refund requesting the overpaid interest and assisted the company in recovering the entire amount due.

Total Refund Received: $4.3 Million