The IRS has released a message about unclaimed tax refunds; it estimates that nearly $1.3 billion dollars have yet to be claimed by taxpayers for 2006:
...For 2006 returns, the window closes on April 15, 2010. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund. Though back-year tax returns cannot be filed electronically, taxpayers can still speed up their refunds by choosing to have them deposited directly into a checking or savings account.
The IRS reminds taxpayers seeking a 2006 refund that their checks will be held if they have not filed tax returns for 2007 or 2008. In addition, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans.
By failing to file a return, people stand to lose more than refunds of taxes withheld or paid during 2006...
To view the press release in its entirety, please click here.
Below is a link to related YouTube video:
Haven't Filed a Tax Return in Years? --- English | Spanish | ASL
Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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