Newsbytes

February 2004
IRS has $2.5 Billion for Individuals Who Failed to File a 2000 Tax Return

If you haven't always used me as your CPA, (I don't know why) you could be one of the more than 2 million people who failed to file a 2000 income tax return The IRS has Unclaimed refunds totaling more than $2.5 billion. In order to collect the money, however, a return must be filed with an IRS office no later than April 15, 2004.

"The IRS estimates that half of those who could claim refunds would receive more than $529. In some cases, individuals had taxes withheld from their wages, or made payments against their taxes out of self-employed earnings, but had too little income to require filing a tax return. Some taxpayers may also be eligible for the refundable Earned Income Tax Credit"

"In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury. For 2000 returns, the window closes on April 15, 2004. The law requires that the return be properly addressed, postmarked and mailed by that date. There is no penalty assessed by the IRS for filing a late return qualifying for a refund."