Posts Tagged ‘Deadline’

There’s Nothing Wrong With 3-Year-Old Money

Friday, April 8th, 2016

Time’s Running Out To Claim 2012 Refund Checks

Unclaimed Tax Refunds  - Ohio CPA Firm

Grab your unclaimed cash before it’s too late! The IRS owes taxpayers about $950 million of unclaimed tax refunds from 2012. But the deadline to file your late return is April 18, 2016. Read on to learn more.

If you are one of the nearly one million taxpayers who didn’t file a tax return in 2012, you may be eligible to receive an additional refund check from Uncle Sam. But if you don’t act fast you will miss your chance to claim your portion of the $950 million.

Funds that are not claimed by April 18, 2016 will become the property of the U.S. Treasury.

Were you a student in 2012 or was your income such that you weren’t legally required to file a 2012 tax return? It’s possible that, at that time, you had too much withheld from your wages (or paid higher quarterly estimated payments) than was actually necessary. And now the government owes you a refund. Additionally, depending on your particular circumstances, you could have also been eligible to claim certain tax credits, which are also just sitting there … waiting for somebody to claim them.

Read Also: From Toddler To Teen And Beyond: Tax Breaks For Families

According to IRS estimates, half the potential refunds are for more than $715. Unfortunately, if you don’t claim this money now, you never will. Taxpayers have three years to file a claim for a tax refund. Funds not claimed in time will become government property.

Here are a few other points to remember if you plan on claiming your share of unclaimed funds.

  • You must file a 2012 federal income tax return to claim your refund. The IRS needs to make sure you don’t owe any federal or state taxes for 2013 or 2014 as well, so if you haven’t filed those returns yet, the IRS may hold your refund to satisfy any tax debts that are owed as well as any past due child support or federal debts, such as student loans.
  • To claim your refund, you must properly address, mail and postmark your tax return no later than this year’s tax deadline (April 18, 2016).
  • Be sure to collect any and all necessary forms and include them with your return, including Forms W-2, 1098, 1099 or 5498. If you are missing a form or two, you can request copies from your employer (current and/or previous), your bank or another payer.

If you didn’t file a 2012 tax return and think the government owes you money, you have no time to waste. The IRS provides taxpayers with current and prior year tax forms and instructions on its website or by calling 1-800-TAX-FORM (1-800-829-3676). You can find additional help, such as tax calculators, refund tracker, record retention schedule and more in the financial resources section of the Rea & Associates website. Check it out!

By Lesley Mast, CPA, MAcc-Taxation (Wooster office)

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Last Chance To Claim Valuable Retroactive Tax Credit

Thursday, April 23rd, 2015
Work Opportunity Tax Credit - Ohio CPA Firm.

All businesses that hired members of targeted groups, such as qualifying veterans, must submit Form 8850, a pre-screening notice and certification request for each employee hired between Jan. 1, 2014 and Dec. 31, 2014 to the Ohio Department of Job and Family Services no later than April 30, 2015 to qualify for the WOTC.

It was a cold evening last December when Congress finally voted in favor of extending more than 50 tax provisions considered critical by several businesses and individuals. The Tax Increase Prevention Act of 2014 provided assurance that certain incentives would remain intact and that certain provisions would be put in place to allow for the retroactive extension of some key deadlines. Among them was the deadline to claim the 2014 Work Opportunity Tax Credit (WOTC). Now, as we teeter at the end of April, that deadline is set to expire.

Read: How Do You Qualify For Tax Credits And Incentives?

What You Need To Know

All businesses that hired members of targeted groups, such as qualifying veterans, must submit Form 8850, a pre-screening notice and certification request for each employee hired between Jan. 1, 2014 and Dec. 31, 2014 to the Ohio Department of Job and Family Services no later than April 30, 2015 to qualify for the WOTC.

According to the Internal Revenue Service, under normal circumstances, eligible employers are required to file the appropriate information with their respective workforce agencies within 28 days of the employees start date. Section 51 of the Internal Revenue Code concerning the WOTC states that eligible employers may claim a tax credit for a percentage of the qualified employee’s first-year wages (and second-year wages for some eligible hires).

Email Rea & Associates to learn more about tax incentives that can impact your business’s bottom line.

By Lisa Beamer, CPA (New Philadelphia)

 

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