IRS Announces One Billion Dollars in Unclaimed Tax Refunds

Last week, the IRS announced that it has one billion dollars' worth of unclaimed tax refunds waiting for individuals who have not filed a 2013 income tax return.The IRS estimates that half the refunds are over $763. Refunds can be claimed by filing a 2013 federal return by Tuesday, April 18, 2017. The refund may still be held by the IRS after filing a 2013 return if the taxpayer has not filed returns for 2014 and 2015. There is no penalty for filing a late return if a refund is due. Tax laws allow people three years to claim refunds for returns that have not yet been filed. If a return is not filed within that time frame, the refund is no longer available to the individual and it becomes property of the U.S. Treasury.If you still need to file tax returns from prior years and need assistance, including a 2013 return, give us a call at (217) 351-2000.