IRS: REFUNDS WORTH $1.1 BILLION WAITING TO BE CLAIMED BY THOSE WHO HAVE NOT FILED 2014 FEDERAL INCOME TAX RETURNS

NSTPInternal Revenue Service (IRS)

Unclaimed federal income tax refunds totaling about $1.1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2014 federal income tax return, according to the Internal Revenue Service. To collect the money, these taxpayers must file their 2014 tax return with the IRS no later than this year’s tax deadline, Tuesday, April 17. “We’re trying to connect a million people with their share of $1.1 billion in unclaimed refunds for 2014,” said Acting IRS Commissioner David Kautter. “Time is running out for people who haven’t filed tax returns to claim their refunds. Students, part-time workers and many others may have overlooked filing for 2014. And there’s no penalty for filing a late return if you’re due a refund.” The IRS estimates the midpoint for the potential refunds for 2014 to be $847; half of the refunds are more than $847 and half are less. In cases where a federal income tax return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a tax refund. If they do not file a tax return within three years, the money becomes the property of the U.S. Treasury. For 2014 tax … Read More

Tax Season Poem – Memo Home Re: Tax Season

NSTPTax Professionals, Taxpayer

        Keith Mattson, of Mattson & Radziej Ltd. in Lakeville, Minn., originally wrote this poem, “Memo Home RE: Tax Season,” in 1990, and it was published in the Minnesota Society of CPAs’ Footnote at the time. A quarter century later, it remains highly relevant. Memo Home Re: Tax Season I’m working late, I won’t be home; Don’t try to reach me on the phone. Don’t expect me home for dinner. Don’t expect me home this winter. Don’t even try to use your pull. Don’t talk to me or shoot the bull. I don’t want you to think me cruel, But until May, my slate is full. Just tell me what you spend and earn; I’ll put it in a tax return. (I hope that you will never learn You’re just another file to churn.) I’ve got files on my floor, And on my chairs and desk are more. I’ve got them coming in the door. That’s all I do — I keep the score. So far this year, the feds are winning, With clients behind before beginning. Their tax returns show “Balance due;” Their checkbooks show a scarlet hue. Their life is on a downward trend, And … Read More

Identity Thieves Receive Over $10 Million In Fraudulent Tax Refunds

NSTPFraudulent Tax Refunds, Identity Theft

Doherty Kushimo, 52, of Providence, R.I., Saburi Adeyemi, 56, of Memphis, Tenn., Abiodun Bakre, 49, Ozone Park, N.Y., Adetunji Gbadegeshi, 57, of Queens, N.Y., and Adebola Mejule, 54, of Hempstead, N.Y. have been charged by a federal grand jury in Erie, PA, on a 13-count indictment of filing fraudulent tax returns and receiving approximately $10 million in fraudulent tax refunds. The defendants obtained the information from the internet which was used to file fraudulent tax returns and then traded the information among themselves. The defendants then opened bank accounts in which to deposit the tax “refunds” Funds were then reportedly funneled to Nigeria. “We are making significant progress in our efforts to uncover identity fraud and protect citizens from criminals who steal their personal information and steal their money,” U.S. Attorney David J. Hickton said in a statement on April 23rd announcing the charges. “We have dismantled a massive stolen identity ring that involved thousands of victims and tens of millions of dollars in losses.” Both the Internal Revenue Service and the FBI were involved in the investigation and subsequent arrests in this case. “The use of the Internet for criminal purposes is one of the most critical challenges facing … Read More