The Internal Revenue Service (IRS) may owe you money if you earned a refund in 2019—but you will need to act TODAY!
Filing an income tax return is necessary if you owe taxes to the U.S. Treasury. Failure to file a return when you owe money will eventually catch up to you when the IRS notifies you of how much you owe, along with interest and penalties. But—what if you do not owe taxes and may be owed a refund?
Employees are familiar with the federal withholding taxes that are removed from paychecks to pay for federal programs, including social security, Medicare, and other programs. The IRS estimates that approximately 1.5 million people qualified for tax refunds in 2019 but did not file an income tax return. Said IRS Commissioner Danny Werfel, “Many people may have overlooked filing a 2019 tax return due to the pandemic. We don't want people to miss their window to receive their refund. We encourage people to check their records and act quickly before the deadline. The IRS has several important ways that people can get help."
U.S. taxpayers have three years in which to file a tax return and claim any refund due. If a return is not filed in that time, the money flows into the U.S. Treasury. At present, the IRS estimates there is about $1.5 billion in unclaimed tax returns for 2019, with a median refund of about $893.00.
As well, taxpayers with lower incomes may also miss out on an Earned Income Tax Credit that could further lower the tax liability of those who have not yet claimed their 2019 refund.
If you believe there is a 2019 tax refund out there with your name on it, time is of the essence. The deadline to file a return or forever lose the refund is July 17, 2023. Collect wage information forms such as a W-2 or 1099 and be sure your tax return is submitted by July 17. You can use the IRS Free File option to file your return electronically if your adjusted gross income is $73,000 or less. Otherwise, your return must be postmarked to the IRS by the due date.
Experienced legal advice from reputable tax attorneys in the U.S. and abroad
Robert J. Fedor, Esq. LLC offers skilled representation on a variety of tax controversies including offshore tax issues, IRS audits, and criminal tax allegations. Contact us at 800-579-0997 or reach out to us today. We have offices in Cleveland and Chicago.