Unclaimed 2016 Refunds Tax-filing Deadline is July 15

Unclaimed 2016 Refunds Tax-filing Deadline is July 15

The Internal Revenue Service (IRS) advocates for taxpayers to pay only the tax owed. In fact, one of the ten Taxpayer Bill of Rights involves the right to pay no more than the correct amount of tax. There are several reasons why taxpayers may overpay their taxes. Two key takeaways are for taxpayers to dedicate time and be knowledgeable about to their self-assessment income tax compliance.

As the United States’ national tax administrator, the IRS helps taxpayers understand and meet their voluntary income tax compliance goals. Nevertheless, many taxpayers have unclaimed refunds. Per the IRS’s official website irs.gov and the refund statute, an original tax return claiming a refund must be filed within three years of its due date for a refund to be allowed in most cases. With urgency, taxpayers who qualify for a 2016 refund must file a return on or before July 15 or risk losing this refund.

Please note and due to COVID-19, the tax-filing deadline was moved from April 15 to July 15. Feel free to review the IRS article Don’t Lose Your Refund by Not Filing. You are welcome to reach out to Pierce, CPA & Advisors for income tax return preparation assistance. Best wishes!

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