IRS Has $2.2 Billion for 2003 Nonfilers: Where a return is not filed, most taxpayers have a three-year period to claim a refund. For 2003 returns, the window closes on 4/17/07. By failing to file a return, some taxpayers may lose more than refunds of taxes withheld or paid during 2003. Although eligible taxpayers may get a refund when their earned income tax credit (EITC) is more than their tax, those who file returns more than three years late can only offset their tax—they get no refund if the EITC exceeds their tax. While there is no penalty for filing a late return qualifying for a refund, refund checks will be held if the taxpayer hasn't filed for 2004 or 2005. In addition, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts. News Release IR-2007-51 .

These articles are intended to provide resources for the tax and accounting needs of small businesses and individuals. The information contained in this Website is intended to provide general information on matters of interest in the areas of tax and accounting and should not be acted upon in your specific situation without further details and/or professional assistance.   Users are encouraged to contact us regarding specific situations.