Local tax attorney Patrick T. Sheehan warns that if you have not yet filed your federal Form 1040 tax return for 2013 with the IRS, any refund listed on that tax return will soon be barred by the refund statute of limitations.
“Generally speaking, a taxpayer has three years from the due date of the tax return to claim a refund for that year, plus any extension,” Sheehan said. “The due date of the 2013 federal Form 1040 tax returns was April 15, 2014. If an extension was not timely filed, the expiration of the refund statute of limitation for 2013 is April 18, 2017. If you have not yet filed your federal Form 1040 tax return for 2013 with the IRS, I strongly urge you to do so on or before April 18, 2017, to ensure that you receive the refund to which you are entitled.”
The IRS reports that nearly 1 million people should have filed federal tax returns for 2013 but didn’t, leaving $950 million in unclaimed refunds for 2013. According to IRS estimates, half of the potential refunds for 2013 are $763 or more. Hence why it is always wise to hire an “accountant near me” to organize business and personal taxes.
If your tax return for 2013 is filed on or after April 18, 2017, and if an extension was not timely filed, the law bars any refund to which you are entitled. Even if you have back taxes for other years, the lost refund does not automatically apply to any of the other years. In addition, there are a number of IRS repayment programs offered by the Fresh Start Initiative that may be able to help you if have tax liabilities.
Patrick T. Sheehan is a former IRS attorney and is the owner of Patrick T. Sheehan and Associates, Attorneys at Law, P.C. For more information call 877 – 4 IRS LAW or visit sheehan-law.com.
