IRS: $1.3 Billion in Unclaimed Refunds (Plus a Rant on Tax Cheats)
Posted by Chad BordeauxTuesday, March 9th, 2010
The IRS recently announced that there are approximately $1.3 billion in unclaimed tax refunds for the 2006 tax year for an estimated 1.4 million taxpayers.
Many taxpayers have not filed because they didn’t have enough income to require them to file a tax return – even though they had taxes withheld from their wages. The law only allows these taxpayers a three year window to claim their refund – after that, the money becomes property of the U.S.Treasury. For 2006 returns, the deadline to claim their refund if April 15, 2010.
The IRS provided a breakdown of these refunds by State. In South Carolina, there were 16,400 individuals that have yet to apply for $13.8 million in refunds. In North Carolina, there were 39,100 individuals that have yet to file for their $32.9 million in refunds. (more…)
Chad is a Charlotte CPA who works with small business owners and invidiuals on a monthly basis to provide them with proactive guidance and advice on how to grow their business, minimize their tax liabilities and grow their bottom line. You can find our more about Chad by visiting his profile here: Chad Bordeaux
