IRS in its recent issue (Issue Number: IR-2018-83) has highlighted that refunds worth $1 billion is still unclaimed for tax year 2014… here is the complete message from them. Read it here
Further to that IRS has also highlighted in its Tax Tips (Issue Number: IRS Tax Tip 2018-53) for Getting Unclaimed 2014 Tax Refunds.
The IRS reminds taxpayers they may have money waiting for them. About 1 million taxpayers who did not file a 2014 federal income tax return have unclaimed tax refunds totaling about $1.1 billion. Here are some things taxpayers should know about these unclaimed refunds: Continue reading →
IRS in its recent issue (Issue Number: IR-2018-83) has highlighted that refunds worth $1 billion is still unclaimed for tax year 2014… here is the complete message from them.
WASHINGTON — The Internal Revenue Service is reminding an estimated 1 million taxpayers that time is running out to file a 2014 tax return and claim refunds totaling more than $1 billion. To claim any refund due, taxpayers must file their 2014 federal tax return by April 17, 2018.
There is no penalty for filing a late return for those receiving refunds. The law provides most taxpayers with a limited window of opportunity for claiming a tax refund. If they do not file a tax return within three years to claim a refund, the money becomes the property of the U.S. Treasury.
The IRS estimates the median potential refund for 2014 is $847. By failing to file a tax return, people stand to lose more than just their refund. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). For 2014, the credit was worth as much as $6,143. Continue reading →