2022 – 02/04 In a recent report, the Government Accountability Office (GAO) reviewed the government’s response in providing COVID-19 relief to businesses and individuals. Per the report, IRS officials told the GAO that “the CARES Act changes contributed to the agency receiving 276% more filings for carryback refunds, which include applications for tentative refunds for net operating loss carrybacks and AMT credit refunds, in fiscal year 2021 than in fiscal year 2020.” The GAO found that the tax agency failed to process the resulting backlog within the 90-day statutory time frame for processing applications for tentative refunds. Read the report:

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