South Dakota Supreme Court Bars Citibank Refund Claim Following IRS Audit Adjustment


Stephen Kranz called it “unfortunate” that the South Dakota Supreme Court denied a major bank’s refund claim for being past the statute of limitations, even though the bank was just informed by the IRS of a federal refund. He noted that « there are clear legal grounds for opening the statute of limitations to provide refunds after an IRS audit,” and labeled it “absurd” that the state contended a refund claim should be filed “before you even know that you have a refund to claim.”