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Tax Blog

One Billion Dollars

One Million People are abandoning over One Billion Dollars

The standard deadline to file a 2013 IRS form 1040 was April 16, 2014, nearly 3 years ago. April 18, 2017 is the last day the 2013 IRS form 1040 is the last day the IRS will accept the return. On April 19, 2017, the IRS will not accept the tax return for a possible refund.

Based on IRS data an estimated one million people have a share of over $1,000,000,000 in cash that now sits with the United States Treasury. These taxpayers did not file a 2013 Tax Return, yet paid in. The IRS also estimates the “midpoint” return is $763. Half the returns will be higher, and half lower than the midpoint amount.

The IRS also reminds people that the checks can be delayed if they do not file their 2014 and 2015 returns as well.

Editor’s Comment: Why people do not file tax returns is puzzling to me. Even if you are not required to file a return, file one anyways! It is only to your benefit to do so. It runs the statute of limitations and is an indicator of your legal position with the IRS.

It used to be complicated to file a tax return, but now with the advanced technology, apps, and software, it is easy. Give it a try, you might have some money coming your way. Or if you prefer we can still do a return for you and get your money for you.

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