Legal News

IRS Holding $1.3 Billion in Unclaimed Taxpayer Refunds from 2005

Thousands of people across the U.S. are entitled to a piece of about $1.3 billion in tax refunds from 2005, but since those taxpayers have yet to file their taxes from that year, the windfalls remain uncollected, the Internal Revenue Service (IRS) announced this week. And anyone entitled to a refund had better act fast, because 2005 returns must be filed (and refunds claimed) by this year's April 15 filing deadline, or the money will be lost.

In a Press Release issued Tuesday, IRS Commissioner Doug Shulman declared: "Especially in these tough economic times, people should not lose out on money that is rightfully theirs . . . People should check their records. They may be leaving money on the table, including valuable tax credits that can mean even more money in their pockets."

Some people may not have filed a return in 2005 because their income level didn't require them to file, even though taxes were withheld by their employers, so a refund may be waiting for them. In any case, the IRS reminds taxpayers that there is no penalty for filing a late return that qualifies for a refund, but 2005 returns must be filed by April 15 in order for taxpayers to collect their part of the $1.3 billion in unclaimed refunds from 2005.

• IRS Has 1.3B for People Who Have Not Filed a 2005 Tax Return (IRS.gov)
• Daily Tax Tips for 2009 (IRS.gov)
• Tax Laws: What's New for 2009? (FindLaw)
• Step-by-Step Guide to Filing Your Federal Taxes (FindLaw)
• Federal Income Tax Issues (provided by B. Phillips & Associates, P.C.)
• Check Out FindLaw's 2009 Tax Center

Full post as published by FindLaw's Common Law on March 06, 2009 (boomark / email).