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First $1M in tax refunds for 254 tax filers

First $1M in tax refunds for 254 tax filers”

According to a March 1 statement, the Internal Revenue Service is sitting on as much as $1 billion in total refunds for unfiled 2013 returns.

IRS Commissioner John Koskinen said, "We're trying to connect a million people with their share of 1 billion dollars in unclaimed refunds for the 2013 tax year".

IRS urged the taxpayers to file a 2013 tax return to collect the money, no later than this year's tax deadline, Tuesday, April 18.

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Bottom line, if you haven't filed the 2013 federal tax return, do it now and get the money you're due from the government.

If you're eligible for a 2013 federal tax refund, you have until April 18 to file.

Money that is not claimed this year from 2013 refunds become property of the U.S. Treasury.

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Failing to file a return could mean more than missing out on a refund of taxes withheld or paid in 2013, the IRS said.

Many Guam taxpayers get tax refunds even though they pay little or no withholding income tax payments, the department has previously stated. "Remember, there's no penalty for filing a late return if you're due a refund". The median refund is $917 in Alaska and $911 in Wyoming.

The law allows taxpayers who didn't file a return up to three years to claim a potential refund.

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The IRS reported that, by February 24, the decline in the number of refunds issued had also reduced, to 11 percent - from 46.5m in 2016 to 41.4m this year - as against the 62 percent fall experienced by February 3. You can find that publication here.



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