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Bank of America is Taking on the IRS

BankofAmericaBank of America is suing the Federal Government—the Internal Revenue Service, to be exact, for miscalculated interest on overpayments and underpayments.

How much are they asking for? $199.8 million, according to a suit (Case Number: 3:2017cv00546) filed Wednesday in the Western District of North Carolina, according to a local report in The Charlotte Observer. The bank attests that the IRS charged interest on both overpayments and underpayments for “a variety of predecessors” as well as institutions it has acquired as far back as the 1980s. The report lists two of those companies as Merrill Lynch and FleetBoston Financial.

According to a Justia, the case was filed on September 13, 2017 in the Charlotte Office, through the county of Mecklenburg.

The Charlotte Observer reports that Bank of America alleges the IRS miscalculated interest, and while it has received refunds related to Merrill Lynch, the IRS has denied additional claims made by the bank. The paper also reports that Bank of America has filed a separate suit with the agency back in August of 2016 for damages in $15,000.

This is a developing story. It is general policy for the IRS to not comment on pending litigation, and Bank of America has yet to release a comment on the matter.

About Author: Joey Pizzolato

Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected]
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