Tuesday, January 5, 2010

Does The IRS Owe You Money?

Unclaimed IRS refunds:



Within the past few years, the IRS had over 88,000 income tax refund checks totaling more $75 million returned undeliverable. That is an average of more than $750 per return went undelivereable due to unreported changes of name or address or due to a marriage, death or divorce. Could one of those undeliveed income tax refund checks belong to you?

Actually that is nothing, small potatoes, additionly, each year approximately $450 million dollars in IRS refund checks are delivered but are uncashed. That totals over one half a billion dollars annually in unclaimed Internal Revenue Service (IRS) funds. Now if you think the IRS owes you money, you can call their toll-free assistance line at 1-800-829-1040 or visit their web site at http://www.irs.gov/. However, if you have had dealings with the IRS before, you know navigating that bureaucracy can be somewhat daunting.



According to the Internal Revenue Service, there is more than $2 billion in unclaimed refunds awaiting over 1.7 million people who failed to file an income tax return in the past few years. Unfortunately there is a statue of limitation on collecting late filed IRS refund checks. In order to collect the money, a return must be filed with the IRS office no later than three years following the year in which the return was due to have been filed. The IRS estimates that about half of those who could claim refunds would receive on average of $600 or more. Some individuals may have had taxes withheld from their wages, but had too little income to require filing a tax return.



In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury. For 2006 returns, the window closed on April 15, 2010. The law requires that these returns be properly addressed, postmarked and mailed by that date. There is no penalty assessed by the IRS for filing a late return qualifying for a refund.



Accessing database and information that contain the 100,000's of unclaimed or undeliverable IRS refunds from the past 3 years is something you can do yourself if you have the time and knowledge. If you do not, we can aid you with resources that offer access to these refunds for many localized regions to assist you.


Come back next time for more tips. Tricks and techniques to assist you in Living the Champagne Life on a Beer Budget. Remember we're all in this together and I'm pulling for you.



Mahalo.


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