One Billion Dollars

From the Desk of Lauran L. Stevenson

One Billion Dollars

On March 1, 2017, the IRS announced that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return.

IRS Commissioner John Koskinen stated that: “We’re trying to connect a million people with their share of 1 billion dollars in unclaimed refunds for the 2013 tax year. People across the nation haven’t filed tax returns to claim these refunds, and their window of opportunity is closing soon. Students and many others may not realize they’re due a tax refund. Remember, there’s no penalty for filing a late return if you’re due a refund.”

In cases where a tax return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If they do not file a return within three years, the money becomes the property of the U.S. Treasury.