Thursday, June 28, 2012

Ltd extension of ability to obtain refund for 2006 tax yr

In general, a taxpayer only has three years to receive a refund due to them from the IRS. For example a 2006 tax return due 4/15/2007 would need to have been filed no later than 4/15/2010 in order to receive the refund. (Note: A taxpayer should still file a delinquent return even if he/she cannot receive a refund because the 3 year statute for audit begins when the return is filed or the due date, whichever is later.) The IRS has announced it will accept refund requests for the telephone excise tax only through 7/27/12. This was only about $60 for most individual taxpayers but some businesses with many phone lines were due a significant amount. Such requests should be filed on a 2006 return.

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