1.1 Billion Unclaimed Refunds from 2007 Tax Returns

March 2, 2011 by Mike Verville

 The IRS estimates that more than $1.1 billion in refunds await over 1 million taxpayers who failed to file returns for 2007.  In order to collect these refunds, taxpayers must file their late tax returns no later than 4/18/2011.  

If taxpayers file their late 2007 tax returns, their refund checks will be held if either 2008 or 2009 returns haven’t been filed.  In addition, refund checks will be applied to any other tax debts still owed to the IRS or on unpaid child support or past due federal debt such as student loans.

Feel free to contact me at Wallace Neumann & Verville, LLP if you would like to discuss filing your late tax returns.  Failure to file your returns timely may result in lost refunds.

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