The IRS May Owe You Money
Essex & Associates www.essexinc.biz February 28, 2012
IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return
Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced February 23, 2012.
However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012.
The IRS estimates that half of these potential 2008 refunds are $637 or more.
Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments.
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 a refund within three years, the money becomes property of the U.S. Treasury.
For 2008 returns, the window closes on April 17, 2012.
The law requires that the return be properly addressed, mailed and postmarked by that date.
There is no penalty for filing a late return qualifying for a refund.
By failing to file a return, people stand to lose more than refunds of taxes withheld or paid during 2008.
Some people, especially those who did not receive an economic stimulus payment in 2008, may qualify for the Recovery Rebate Credit.
In addition, many low-and moderate-income workers may not have claimed the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds.
If you have not filed taxes in 2008, 2009 or 2010 the IRS just may owe you money.
Even if you have filed, you may someone that has not filed.
Please let them know and they may just give you a finder's fee.
Wishing you many happy returns,
Wayne T. Essex Ph.D.
Essex & Associates
Tax, Accounting, Payroll
7501 Paragon Road
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