Wealth Adviser’s $5.4 Million Tax Refund Claim Exits Court (1)

A California financial adviser that sought $5.4 million in federal tax refunds agreed to drop its remaining court claims seeking research credits and deductions for income from its domestically produced software.

LPL Financial Holdings Inc. sued the government to revive its disallowed deductions for fees from its brokerage and advisory software, BranchNet, as well as claimed credits for research that supported the software’s development. LPL Financial’s joint stipulation with the US, filed April 5, says the company won’t pursue domestic production activity refunds for its 2012-2014 tax years and will pursue a refund for the research credits administratively with the ...