Did you file your 2010 income tax return? The IRS has $760 Million of refunds not filed by taxpayers for that year.

On March 19, 2014, the Internal Revenue Service (IRS) announced that they have estimated that over 900,000 taxpayers have not filed their taxes for 2010.  You may think, “What’s the big deal?”  It’s a big deal for three important reasons:

1. The IRS has estimated that the potential amount could easily exceed $760 Million.
2. The deadline to claim your potential refund is April 15th of this year (most taxpayers have three years to claim a refund).
3. If a return is not filed to claim the refund, it will become property of the U.S. Treasury Department.

We always hear about individual taxpayers that do not file taxes because they suspect that they owe, but rarely do we hear about those that don’t file that will potentially receive a refund.  So who does not file their taxes to claim their refund?  I suspect that they are students, part-time workers, etc. with very little income although taxes were withheld.

What is the next step if you haven’t filed your 2010 tax return?  Simple.  File the return and make sure it’s postmarked or processed by April 15th.  If you are receiving a refund, there is not a penalty for filing late.  But remember that the IRS can hold your refund if you haven’t filed for 2011 and 2012.  Additionally, if you owe the IRS or state agency, unpaid child support, and federal debt the refund will be applied to the amount past due.

If you have not filed your 2010 return (or previous years), contact us to ensure that it is processed prior to the April 15th deadline.