- Three-year window closing for people to file their 2016 tax return who have not yet done so
- An estimated $1.5 billion in refunds await potentially 1.4 million taxpayers
- According to IRS, no late filing penalty for taxpayers when a refund is involved
Presumably, at this current moment, most Americans are in the process of, or have already, filed their tax returns for 2019 in advance of the new July 15th Tax Day Deadline. However, for some, time is of the essence to file their 2016 tax return in order to get the refund that they are owed. Yes, you read that correctly – approximately 1.4 million Americans have until July 15th to file their 2016 tax return, or else their 3-year window to file will expire and their refund will be null and void.
According to the IRS, there are approximately $1.5 billion in unclaimed tax refunds due to 1.4 million Americans not filing their 2016 tax return. Since there is a refund involved, there is no penalty involved for filing late. However, refunds may still be delayed if taxpayers have not filed their 2017 or 2018 tax returns yet. Refunds may also be netted out against any unpaid child support or debts to the government.
Still in need of tax advice or for a trusted partner to file your tax return? It is not too late. Visit our website or call our offices (516-541-6549) to speak to our Tax Team so we can get assist both you and your business.
Chief Business Officer, Disaster Relief Consultant
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