If I choose to consent to allow Baylor College of Medicine (“BCM”) to apply for a FICA tax refund on my behalf, am I guaranteed a refund?
Whether or not BCM actually obtains a refund depends upon whether the claim is approved by the IRS. Such approval is contingent upon a number of factors and it is possible that the claim may not be approved by the IRS. Further, in order to avoid litigation, BCM may negotiate a settlement with the IRS for an amount that is less than the full amount of FICA that was paid to the IRS. For example BCM and the IRS may agree to reduce the full amount of FICA that was paid to the IRS by a specific percentage. If Baylor settles for a lesser amount, your share will be reduced by this percentage as well.
