IRS Holding $2 Billion In Unclaimed Tax Refunds

Each year, the government announces that it’s holding unclaimed tax refunds. Citizens possess a short time to assert the $2 billion dollars the government is presently holding.

3 years is really a magical number if this involves tax statements. It refers back to the statute of restrictions on certain tax issues for example when an audit can happen, when refunds could be stated so when amended tax statements could be filed. The Government is presently holding $2 billion dollars in unclaimed tax refunds for that 2002 tax year and citizens must file their claims by April 17, 2006 or lose the refunds forever.

Roughly 1.7 million individuals are due refunds from the $2 billion dollars presently held through the IRS. These folks have refunds due simply because they unsuccessful to file for tax statements for 2002. This happened probably because individuals felt they didn’t make enough money to warrant filing a taxes. By neglecting to file, however, they’ve left $570 normally using the IRS.

If your citizen does not claim the tax refund by filing a taxes for 2002, the cash will default to the us government. Importantly, there’s no penalty connected for filing late if your citizen arrives a tax refund. This really is common misunderstanding among non-filers.

One number of citizens that just about has a lot of non-filers is military personnel. Clearly, it’s a little difficult to file from Afghanistan, but this is the time to do this for 2002. People from the military that unsuccessful to file for in 2002 are owed typically $749 per citizen.

The Government releases demographic around the areas within the U . s . States where refunds are due. As a result, California and Texas would be the states in which the most people are due refunds while Idaho only has 6,200 people due reimbursement.

Nobody finds filing taxes a thrilling prospect. The discomfort is a smaller amount, however, is that you simply know you’re due reimbursement. Should you unsuccessful to file for in 2002, you may be throwing out a pleasant little slice of change.

Richard A. Chapo is by using – acquiring tax refund recovery for overpaid small company taxes. Trip to find out more business tax articles or our new page.

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