I hear from people every week who think their tax problem is the end of the world. It usually isn't. I'm Darrin Mish. I've resolved over $100 million in tax debt for clients. Here's what you should know.
www.foxbusiness.com – According to an IRS news release, the IRS estimates that it holds approximately $1 billion in unclaimed federal tax refunds from tax year 2011. The IRS generally allows a three-year period to file and claim any unclaimed federal refunds, so without any action taken by April 15th of 2015, that money will be returned to the Treasury. Unfortunately, it is also likely that low-income families who have the greatest need for this money are the ones leaving the most of it on the table.
The average estimated unclaimed refund is $698, spread over an estimated 1.1 million taxpayers. The IRS has a list on their website categorizing the estimated number of taxpayers who are owed refunds and the average unclaimed refund amount by state, ranging from $835 in Wyoming to $595 in Idaho and North Carolina.
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