California Tax Alert: Refund claim statute of limitations ends soon for certain tax payments made last year in connection with the 20% large corporate understatement penalty

Refund claim statute of limitations ends soon for certain tax payments made last year in connection with the 20% large corporate understatement penalty in California.

The deadline is rapidly approaching for filing a claim for refund for amounts paid last year to mitigate the possible imposition of the 20% large corporate understatement penalty. For many taxpayers, the applicable deadline would be May 31, 2010, or possibly sooner.