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Does the IRS Owe You $110M?

Taxpayers, while typically targeted for unwanted attention by the Internal Revenue Service, are rarely anticipating good news from the agency. In a recent news item, the IRS wants to track down 115,478 taxpayers who are owed approximately $110 million after their refund checks were returned as undeliverable.

Once a taxpayer updates their address with the IRS, they can claim the check. Some taxpayers have more than one check waiting. The refund checks average around $953.  According to Richard Morgante, commissioner of the IRS Wage and Investment Division, the search is real. "Taxpayers should not miss out on getting their money back."

If you filed your tax return and you're still expecting a refund, check out the IRS Web site to use the Where's My Refund tool which allows taxpayers to look up the status of their refunds and update their addresses. Alternately, they can use the telephone version by calling (800) 829-1954 or simply file Form 8822, "Change of Address."

The list of taxpayers due undeliverable refunds this year rose about 21 percent from 95,746 last year. The sharp increase is due in part to the Telephone Excise Tax Refund. The refund is a one-time payment available on 2006 federal income tax returns. It was designed to return to taxpayers previously collected long-distance telephone taxes. Individuals, businesses and tax-exempt organizations are eligible to request it.

According to the IRS, undeliverable refunds account for less than one-tenth of 1 percent of all refunds. So far in 2007, the IRS has processed nearly 105 million refunds, totaling about $240 billion, by mail or direct deposit.


  Whether you're concerned about your business, personal, or estate taxes, Singer Lewak Greenbaum & Goldstein LLP (SLGG) can offer you strategies to help you keep more of your money.

At SLGG, since we take the time to understand your business or personal financial needs, we can provide meaningful advice and direction to enhance your financial well-being now and in the future.  We'll help you negotiate your best path through the minefield of ever-changing tax laws.

Our Tax Services Group of experienced professionals begins by assessing your tax position and developing strategic tax planning opportunities to help you achieve your goals. Please call today (877) SLGG-LLP.


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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.