The Internal Revenue Service (IRS), indicated that some Americans are running out of time to get the refund of unclaimed taxes, those who did not file a tax return in 2020, are still in time to be eligible to make the claim of economic impact payments, these are linked to the COVID-19 tax relief, through the recovery refund credit.
The IRS announced the first and second rounds of Economic Impact Payments, often referred to as stimulus checks, in 2020 and early 2021, they have time to include the returns is until May 17, usually coincided with the annual deadline of “Tax Day”; however, due to the pandemic had been extended, which gives people time to submit the application, the IRS assured taxpayers that there will be no penalties for making their tax refunds claim for a late return.
IRS Warns Time Running Out to Claim Tax Refund Checks
It is thought that taxpayers have not claimed their refunds due to what IRS Commissioner Daniel Werfel said in the statement on the website“ “People faced extremely unusual situations during the pandemic, which may have led some people to forget about a possible refund on their 2020 tax returns.”
Many may have just been forgotten, or overlooked, among those students, part-time workers and others, I express also “Some people may not realize that they are owed a refund” We encourage taxpayers to review their files and start collecting records now, so as not to run the risk of missing the deadline that was extended to the month of May.
This pending claim, other refunds, approximately 940,000 citizens have not yet submitted their 2020 tax return, and we are already less than 2 months away from the established deadline.
The law in the United States says that taxpayer citizens have 3 years to file and make claims for tax refunds, and that any money not claimed after the indicated period goes to the United States treasury.
“There is money left on the table for hundreds of thousands of people who have not filed 2020 tax returns,” Werfel indicated. “We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten these refunds. There is a May 17 deadline to file these returns, so taxpayers should start early to make sure they don’t miss out on these refunds.“
If you have also failed to file your 2021 and 2022 returns, the IRS may withhold any refunds until you complete your returns. The IRS also stated that “any refund amounts for 2020 will be applied to amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or other overdue federal debts, such as student loans.”
