Tax Help: Get Your Refunds Before They Expire
Time is running out to claim refunds for 2006: IRS is still holding more than $1.3 billion in unclaimed refunds for people who did not file an income tax return for 2006. In order to collect a refund, a return for 2006 must be filed with the agency no later than April 15. When a return was not filed, most taxpayers have a three-year period for claiming the refund. If no return is received by IRS by the due date, the money becomes the property of the U.S. Treasury. There is no penalty for filing a late return qualifying for a refund, IRS said, but such returns cannot be filed electronically. Taxpayers seeking a refund for 2006 will have their check held by IRS if they haven't filed tax returns for 2007 or 2008. In addition, refunds will be applied to any amounts owed to IRS, to satisfy unpaid child support, or to pay off past due federal debts. Link to IRS website: http://www.irs.gov/newsroom/article/0,,id=219727,00.html