$2.2 Billion in 2003 Tax Refunds

According to IRS estimates there is over $2.2 billion in unclaimed tax refunds from over 1.8 million American taxpayers who did not file a federal return in 2003. The IRS estimates that half of the people who could claim refunds would receive over $600 per return. There is no penalty for filing a late return qualifying for a refund, and the IRS is encouraging people to file before the April 17, 2007 deadline, at which point all unclaimed funds become property of the government. You can get all current and prior years tax forms at www.IRS.gov or by calling 1-800-TAX-FORM. For more information check out Times Record News.

Looking for that 1099? Some 1099 Forms Will Arrive Late

At least five major brokerage houses, Morgan Stanley, Merrill Lynch, Wachovia Securities, Edward Jones and Raymond James, are delaying the mailing out at least some 1099 forms. They have received a month long extension from the IRS, and hope the extra time will avoid errors created by recent tax law changes. Two other brokerage houses, Fidelity and A.G. Edwards, plan to mail the forms out on time, but warn that some will need corrections. For more information visit USAtoday.com.

Confusion with Tax Forms

With all of the new tax laws recently passed, IRS will not be able to update 2006 tax forms. Which means millions of people may miss out on valuable tax breaks. The IRS has updated their forms online and will be working to publicize the tax breaks to prevent confusion. For all of the updated tax forms that you will need, be sure to check out the IRS’s form page.