Hello guys
I thought I will make you all aware of this (below):
IRS has $2.5 Billion for Individuals Who Failed to File 1999 Returns
IR-2003-13, Feb. 6, 2003
WASHINGTON -- Unclaimed refunds totaling more than $2.5 billion are awaiting about 1.9 million people who failed to file a 1999 income tax return, the Internal Revenue Service announced today. However, in order to collect the money, a return must be filed with an IRS office no later than April 15, 2003.
The IRS estimates that about half of those who could claim refunds would receive more than $511. Some individuals may have had taxes withheld from their wages but had too little income to require filing a tax return. Others may not have had any tax withheld but would be eligible for the refundable Earned Income Tax Credit.
“Time is running out. If you don't file a return, you can't get a refund,” said Acting Commissioner Bob Wenzel. “We urge taxpayers to double-check their records before the April 15 deadline. We want people to get the refunds they're entitled to.”
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 1999 returns, the window closes on April 15, 2003. The law requires that these returns 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.
The IRS reminds taxpayers seeking a 1999 refund that their checks will be held if they have not filed tax returns for 2000 or 2001. In addition, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans.
