Encino, CA (PressExposure) March 09, 2009 -- Help is on the way for troubled taxpayers who are eligible to claim money from the IRS, but they must act soon. The government estimates that $1.3 billion in unclaimed refunds is waiting to be claimed by more than a million eligible taxpayers who neglected to file a 2005 federal income tax return.
Tax expert [http://www.taxresolution.com/about-us.asp] Michael Rozbruch advises those who have not filed a 2005 tax return to consider doing so soon, even if they weren't required to file that tax year.
âPeople donât file their tax returns for different reasons,â said Rozbruch, founder and CEO of Tax Resolution Services, Co., a company that provides affordable solutions to people who need tax help [http://www.taxresolution.com/tax-help-services.asp]. âBut if you didnât file because your income fell below the filing threshold, you could be missing out on a refund from Uncle Sam.â
The IRS estimates that half of the taxpayers who could claim refunds for tax year 2005 would get at least $581. But after April 15, 2009, any unpaid refunds will be handed over to the U.S. Treasury.
To collect your refund, you must file a return for 2005 as well as 2006 and 2007. And if you have any outstanding taxes owed or other federal debt, the IRS will apply the refund to that debt before sending you any money.
âYou have the right to file your original tax return no matter how late itâs filed,â said Rozbruch, whose clients typically have 6-10 years of unfiled tax returns [http://www.taxresolution.com/delinquent-tax-returns.asp]. âThere is no penalty for filing a late return if you have a refund coming to you, so donât let your unfiled returns cost you, especially in these tough economic times.â
Tax Resolution Services is dedicated to providing affordable solutions to businesses and individuals who find themselves in trouble with the IRS. Their team of expert tax attorneys, enrolled agents and CPAs has a success rate of 90% - second to none in the industry - and an Offer in Compromise Settlement Rate of $0.13 on the dollar. For more information or to receive a FREE tax relief consultation, visit http://www.TaxResolution.com or call 818-774-1813.