IRS ANNOUNCES $760 MILLION FOR INDIVIDUALS WHO HAVE NOT FILED A 2010 RETURN

March 20, 2014

The IRS Commissioner, John Koskinen, announced that refunds totaling almost $760 Million for an estimated 981,600 Taxpayers is about to go away if they did not file a Federal Income Tax Return for the tax year 2010. In order to collect the money, the IRS requires an individual to file a 2010 Tax Return by April 15, 2014.

Taxpayers need to be aware that even if they file their 2010 Income Tax Return, their refund checks may be held up if they have not filed their 2011 and 2012 Income Tax Returns. The reason is that some or all of these refunds may need to be applied to the tax liability of the newer tax years such as 2011 and 2012. A good tax preparer, such an Enrolled Agent (EA) will always advise you to file all back tax returns to stay compliant with the filing requirements of the tax code. In this instance, Taxpayers may think their refund checks are one their way for 2010 only to be disappointed to learn they can be held up by not filing their 2011 and 2012 tax returns at the same time.

Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for 2010, 2011 and 2012 can get a free transcript showing all the documents or file a Form 4506-T to request a transcript. Even if you have to wait for 2011 and 2012 transcripts, get your 2010 Tax Return filed by April 15, 2014.

 

 

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