THE TRANSATLANTIC MAGAZINE
Over $1bn in tax refunds from 2016 remain unclaimed, according to the IRS, and US taxpayers only have until July 15, 2020, to claim those refunds.
The IRS say that an estimated 1.4 million individual taxpayers have yet to file a 2016 tax return. IRS Commissioner Chuck Rettig explains that "The IRS wants to help taxpayers who are owed refunds but haven't filed their 2016 tax returns yet. Time is quickly running out for these taxpayers. There's only a three-year window to claim these refunds, and the window closes on July 15. To claim the refund, a return for tax year 2016 must be filed by July 15, 2020."
According to the IRS state-by-state estimates, potential refunds are particularly high in California ($135 million), Florida ($105 million), Illinois ($57 million), New York ($80 million), Ohio ($54 million), Pennsylvania ($60 million) and Texas ($159 million).
The IRS also say that "By failing to file a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2016. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). For 2016, the credit was worth as much as $6,269."
If you have yet to file a 2016 Tax Return, and feel you may be entitled to refund but would like the opinion of a US tax expert, do check out the A-List Directory for US /UK tax firms who may be able to help.
The full IRS state-by-state estimates on unclaimed returns can be found via the IRS website, and always, if in doubt, consult your US Tax specialist.