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Steinbrenner Heir Sued by DOJ

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Tampa, Fla. (December 28, 2011)

By Accounting Today staff

New York Yankees co-owner and managing partner Harold "Hal" Steinbrenner is being sued by the Justice Department over a $670,494 tax refund he received in 2009.

According to Bloomberg, the complaint, filed Dec. 27 in federal court here, seeks to reclaim the funds issued to Steinbrenner in 2009. The refund stemmed from disputes between Steinbrenner and the IRS over the 2001 tax year and audits of the Major League Baseball team’s parent company for 2001 and 2002.

Hal Steinbrenner is the son of the late George Steinbrenner, the former Yankees owner who died in 2010. In 2007, George Steinbrenner and the IRS had settled the issues raised in the audit. That earlier agreement resulted in adjustments to the tax returns of the beneficiaries of a family trust, including a 25 percent share owned by Hal Steinbrenner. According to the complaint, Hal Steinbrenner paid his taxes in 2008, and then filed an amended 2001 tax return in 2009 seeking a refund because of an operating loss of $6.8 million carried back from 2002.

The IRS paid the refund and then stated that the refund claim should have been filed by March 1, 2009, roughly five months prior to Hal Steinbrenner seeking the refund.

 

 

1 Comment

What? Unless he or his attorney signed a foolish waiver buried in fine print of an unread settlement that set a six-month or one-year limit OR there's more than stated here OR the dates are wrong, doesn't he have two years from the date taxes were actually paid to get HIS money back?

"Generally, you must file a claim for a refund within 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later. If you do not file a claim within this period, you may no longer be entitled to a credit or a refund."

If he got snookered by signing up for a shorter limit, so much for fair Administration of Tax Justice.

Posted by: EnrolledAgent | December 29, 2011 11:48 AM

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