TaxPersonal TaxIRS holds $1.3bn in unclaimed tax refunds

IRS holds $1.3bn in unclaimed tax refunds

US revenue service is advising taxpayers to file 2005 tax returns in claiming $1.3bn

The Internal Revenue Service is holding $1.3bn (£930,000) in unclaimed tax
refunds and is calling on taxpayers who failed to file a 2005 return to collect
the money.

Taxpayers have until 15 April to file the outstanding returns if they want to
receive the money owed, according to
webcpa.com

According to Doug Shulman, IRS commissioner, the economic downturn should be
incentive enough for taxpayers to submit their 2005 returns and collect the tax
refund.

‘Especially in these tough economic times, people should not lose out on
money that is rightfully theirs… they may be leaving money on the table,
including valuable tax credits that can mean even more money in their pockets,’
Shulman said.

The IRS estimates that half of those taxpayers who still need to submit
returns are eligible for more than $581 in refunds.

Further Reading:

IRS
publishes new tax tables

Report
highlights ‘murky’ tax gap in the US

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