Hey New York! There's $1.5 Billion in Unclaimed IRS Refunds from 2019
The Internal Revenue Service (IRS) has made a startling announcement - around 1.5 million Americans, including many in New York State, have yet to claim their share of approximately $1.5 billion in tax refunds from 2019. If you are one of them, you need to act quickly! The deadline to file your 2019 tax returns and secure your refund is July 17, 2023.
Could $945 be Waiting for You?
Did you know the average median refund for the 2019 tax year stands at $893 nationwide? However, for New Yorkers, the median potential refund is even higher at $945! According to the IRS, approximately 81,600 individuals in New York State might be missing out on their share of an astounding $86,826,200 in total potential refunds.
More Time, But Not Forever
Usually, taxpayers have a three-year window to file their tax returns and claim their refunds. Any unclaimed refunds after this period are transferred to the U.S. Treasury. However, due to the impact of the COVID-19 pandemic, the IRS extended the deadline for 2019 tax returns, providing taxpayers with more time to claim their refunds.
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Important Legal Information
The IRS issued Notice 2023-21 on February 27, 2023, laying out the legal guidelines for claims made under this extended deadline. It mandates that taxpayers correctly address, mail, and ensure their tax return is postmarked no later than July 17, 2023. By failing to do this, taxpayers stand to lose more than their refund of taxes withheld or paid during 2019. For instance, certain low- and moderate-income workers may lose their Earned Income Tax Credit (EITC) that could be worth up to $6,557.
Get Your Share
Navigating these claims can seem daunting, but the potential financial benefits make it worth your time. If you're unsure about your tax situation or need assistance in filing your return, expert tax and accounting firms like D'Alessio, Tocci & Pell can help. Their team of professionals can assist in ensuring that you don't miss out on your rightful refund and guide you through the complexities of tax law. Don't let the opportunity pass you by – it's time to claim what's yours!