Claim 2019 tax refunds before its too late!

The IRS Estimates that there are $1.5 billion in refunds due to taxpayers for the tax year 2019.

The law is that taxpayers have 3 years to claim their tax refund, and that if they don’t, the refund is forfeited (to the Government).

The tax refunds for 2019 can be claimed until July 17th, 2023, which is three years after the original due date of the tax return.

Usually, it would be April 15th three years later but because of the pandemic the original due date was pushed off 3 months to allow taxpayers extra time in connection with Covid.?

Taxpayers may have forgotten to file a tax return due to the unusual situations of the pandemic or may have been thrown off due to the change of the due date.

Here are some interesting facts about the refunds that the IRS is hopefully temporarily holding until taxpayers file for their refunds:

? The average unclaimed refund is around $900.

? 2019 was a while ago. Taxpayers can retrieve their tax

information by requesting transcripts from the IRS or requesting documents from their employers.

? The IRS put out numbers by state of outstanding refunds. Below are two examples:

o NYS has 81,600 taxpayers that are expecting a refund of $945, totaling 86 million!

o California has 144,700 taxpayers expecting a refund of $856, totaling 141 million!

Keep in mind the taxpayer has 3 years from the extension due date if an extension was filed.

Have a question about this or another tax-related matter? Feel free to reach out!

#shomercpa #tax