Have you filed your 2019 taxes yet? If you haven't, you aren't alone. The IRS currently estimates that there are unclaimed income tax refunds totalling almost $1.5 billion for tax year 2019 - an estimated 1.5 million Taxpayers who have not yet filed their 2019 individual income tax returns.
The Internal Revenue Code provides for a three-year Refund Statute Expiration Date (RSED), meaning that Taxpayers have three years to file their tax returns in order to receive their refunds. If the return is filed after the RSED, the Taxpayer is no longer eligible to receive the refund - it becomes the property of the Treasury Department.
Typically, the three-year deadline falls on April 15th, three years after the tax return was due. However, because 2019's tax filing was due in the midst of the COVID-19 Pandemic and the filing deadline was extended to July 17, the three-year RSED deadline for 2019 is July 17, 2023.
Ready to file your 2019 return before it's too late to receive your refund? Contact our office today to discuss next steps.