IRS owes taxpayers more than $1 Billion in unclaimed tax refunds
Posted: Mar 13, 2015 8:15 PM EST | Updated: Oct 11, 2015 1:49 PM EST
The Federal Internal Revenue Service released a statement saying the government is sitting on an estimated $1 billion of unclaimed refunds.
So if you still haven't filed your tax return, you should do so before the coming April 15 deadline.
And while missing out on a cut of the $1 billion pot would be upsetting, the consequences for not filing at all could be devastating.
The government is giving taxpayers the opportunity to catch up on returns for the past three years in addition to completing the 2014 return.
While you could receive refunds from as far back as 2011, the IRS can hold refund checks if your 2012 and 2013 returns haven't been filed.
Failing to file could also leave you with garnished wages among other things from collectors.
Local financial advisors recommend planning ahead to avoid these issues.
“Right now it's get your tax returns done but the rest of the year is a great opportunity to sit down with a tax advisor so you can minimize what you may owe in the future” said Dan Osberger, CPA at Oasis Financial Solutions.
Osberger also says filing an extension could also help.
It pushes back this process until October.
For more information log on to irs.gov/Refunds.