IRS Has $760 Million in Tax Refunds for 2010 that are about to expire

J Thomas Black
Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization
Posted on Mar 20, 2014

The IRS is holding $760 Million in tax refunds due to about 918,000 taxpayers, who have not yet filed their 2010 tax returns to claim the refunds. If not filed by Tuesday, April 15, 2014, the money becomes the property of the U.S. Government.

Many low-income people don't file a return, even though they worked part-time or otherwise could be due a refund. I encourage clients to always file a tax return. I had one lady told by a tax preparer that since she had low income, she did not have to file a return. Well, that's fine, but she may be missing out on a refund.

In Texas alone, the IRS is holding $72 Million in 2010 refund money for about 80,000 taxpayers, for an average of $588 each, accordiing to AcccountingToday.com.

Source: AccountingToday.com

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