Northeast Philadelphia Tax Preparation Services Newsletters - Summer 2011

OVER $1 BILLION IN REFUNDS REMAINED UNCLAIMED

The IRS has announced that $1.1 billion remains unclaimed by 1.1 million taxpayers for the 2007 tax year, and the opportunity to claim the refund closed on April 18, 2011. The IRS estimates that half of these potential 2007 refunds were $640 or more. Generally, the IRS allows taxpayers three years to claim a refund. After three years, the refund becomes the property of the U.S. Treasury.

To claim a refund on the 2007 return, taxpayers were required to file the 2007 request, properly addressed and postmarked by April 18, 2011. The 2008 and 2009 tax returns also must have been previously filed or the 2007 refund would be held. There is no penalty for filing a late return qualifying for a refund.

            California, Texas, and Florida topped the list with the most taxpayers who did not claim their refunds.  California taxpayers left a total of $129,205 on the table. North Dakota, South Dakota, and Vermont had the lowest number of taxpayers who failed to claim their refunds. Of course, the Dakotas are very low-population states. The lowest three states had less than a total of $2,000 in unclaimed refunds.

Note: The above numbers reveal that more taxpayers across the U.S. should be filing returns to get their refunds. These statistics show how important it is for you to have your tax situation evaluated by a professional before deciding not to file an income tax return.

In preparing your small business tax return for your Northeast Philadelphia Small Business, please do not hesitate in contacting your Northeast Philadelphia Tax Accountants at 215-667-8839. We proudly provide accounting and tax preparation to small businesses in Northeast Philadelphia.