Tag Archive for tax refunds

What Taxpayers Need To Know About Getting Their Unclaimed 2017 Tax Refunds

What taxpayers need to know about getting their unclaimed 2017 tax refunds

The IRS reminds taxpayers they may have money waiting for them. An estimated 1.3 million taxpayers didn’t file a 2017 Form 1040 federal income tax return and are due a refund.

Here are some things taxpayers should know about these unclaimed refunds:

  • To collect the money, taxpayers must file their 2017 tax return with the IRS no later than this year’s tax deadline, Monday, May 17.
  • When a taxpayer who is getting a refund does not file a return, the law gives them three years to claim that tax refund. If the taxpayer does not file a tax return within three years, the money goes back to the U.S. Treasury. For 2017 tax returns, the three-year window closes May 17, 2021.
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IRS Direct Deposit Leads To Faster Refunds

WASHINGTON — With the tax deadline just around the corner, the Internal Revenue Service reminds taxpayers that making an electronic direct deposit of their refund into a bank or other account is the fastest way to get their money. A taxpayer can deposit their refund into one, two or even three accounts to help with retirement or savings.

Eight out of 10 taxpayers get their refunds by using direct deposit. It is simple, safe and secure. The IRS uses the same electronic transfer system to deposit tax refunds that is used by other federal agencies to deposit nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts. Direct deposit also avoids the possibility that a refund check could be lost or stolen or returned to the IRS as undeliverable. Read More

Written by | Posted in TaxConnections

The IRS’s New Passport Program (Part 1 of 2)

Nina Olson

In 2015, I wrote a blog post analyzing IRS collection performance, looking at the effects of different drivers of collection such as notices, installment agreements, liens, levies, and refund offsets. Today, I’d like to pick this topic back up, but focus on a collection issue associated with new legislation. In late 2015, Congress passed the Fixing America’s Surface Transportation Act (FAST Act), which aimed to boost tax collection through two avenues: Read More

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5 New Tax Myths Debunked By The IRS

Barry Fowler

It’s true that this tax season some taxpayers have been unaware of a new rule that requires the IRS to hold tax refunds for taxpayers who claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit. As a result, the IRS has acknowledged that there are now a number of “misunderstandings and speculation about refunds.”

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