UK Co. Filed 4 Years Too Late For Deductions, Tax Court Says

Law360 (January 21, 2021, 7:35 PM EST) -- A British company does not have the right to claim deductions or credits that may have lowered its $32 million tax bill to the Internal Revenue Service because it filed four years late, the U.S. Tax Court said Thursday.

U.K.-based Adams Challenge Ltd. is not entitled to claim deductions or credits related to its 2009 and 2010 taxable income because the company failed to file its returns in a timely manner, violating the statute that addresses foreign entities' reporting obligations, the court said.

"The deadline for filing petitioner's 2009 return was thus Dec. 15, 2011, and the deadline for filing its...

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