Taxpayers who did not file a tax return for 2013 may be one of the nearly 1 million who may be due a refund from that year. Taxpayers must claim their part of almost $1 billion by this year’s April 18 tax deadline. To claim a refund, taxpayers must file a 2013 federal income tax return. Here are some facts about unclaimed refunds:
The unclaimed refunds apply to people who did not file a federal income tax return for 2013. The IRS estimates that half the potential refunds are more than $763.
Some people, such as students and part-time workers, may not have filed because they had too little income to require them to file a tax return. They may have a refund waiting if they had taxes withheld from their wages or made quarterly estimated payments. A refund could also apply if they qualify for certain tax credits, such as the Earned Income Tax Credit.
The law generally provides a three-year window to claim a tax refund. For 2013 returns, the window closes on April 18, 2017.
The law requires that taxpayers properly address, mail and postmark their tax returns by April 18, 2017, to claim their refund.
After three years, unclaimed refunds become property of the U.S. Treasury. There is no penalty for filing a late return if taxpayers are due a refund.
The IRS may hold 2013 refunds if taxpayers have not filed tax returns for 2014 and 2015. The U.S. Treasury will apply the refund to any federal or state tax owed. Refunds may also be held to offset unpaid child support or past due federal debts such as student loans.
Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for prior years should ask for copies from employers, banks or other payers. Taxpayers unable to get these copies can request a wage and income transcript either online or by mail. Taxpayers can also file Form 4506-T to get a transcript.
The three-year window also usually applies to a refund from an amended return. In general, you must file Form 1040X, Amended U.S. Individual Income Tax Return, within three years from the date you filed your original tax return. You can also file it within two years from the date you paid the tax, if that date is later than the three-year rule. That means the deadline for most people to amend their 2013 tax return and claim a refund will expire on April 18, 2017.
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Don’t be too quick to blame your preparer for your return being audited. Certain types of returns are randomly audited because they contain income and or expenses that have no real “paper trail” (w2/1099, agency-recorded events, etc.) and may need to be verified. This is true especially if these returns include refundable credits (EIC, Tuition, etc.).
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You may have sent your employees their copies or given them the figures, but have you filed them with IRS and Social Security?
Employers Can No Longer Delay Filing Forms W2
Alert! Non-Automatic Extension Request for Form W-2
Effective last summer Treasury Directive 9730 removed the automatic extension of time to file information returns on forms in the W-2 series (except Form W-2G) by the Jan. 31 due date. The directive replaces the 30-day automatic extension with a single, non-automatic, written extension request. The additional 30-day extension is no longer available.
Requests for an extension of time to file Form W-2 must be submitted and postmarked by Jan. 31, 2017. Requests must include an explanation for the request. Approvals are not automatic: Requests will be evaluated on a case by case basis. If you need help, text or email now!
Alert! IRS Extends Due Date for Employers and Providers to issue Health Coverage Forms to Individuals
On November 18, 2016, the IRS issued Notice 2016-70 which extended the 2017 due date for providing 2016 health coverage information forms to individuals. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2017, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of January 31, 2017.
Please, get them to your people ASAP as that information is needed to reduce the tax burden for many and causes delays!
The IRS has not extended the due dates for employers and providers to file Form 1095-B or 1095-C for 2016 with the IRS in 2017. The due dates to file these returns with the IRS remain February 28, 2017, for paper returns and March 31, 2017, for electronic filers. ACA filers can go to the "What’s Trending" page on the ACA Tax Provision page on www.irs.gov for additional information.
Ali Tax Service does not take its fees from your refunds. You can, however, pay the electronic filing fee from your refund (about $50). All other fees are paid at the time of service. We encourage you to utilize PayPal's 6-month time-to-pay credit! It's the alternative to the high fees you pay for "bank products".