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Believe it or not, an unfiled individual federal income tax return that will show a refund, may soon be unavailable to the taxpayer.
The reason is that although a late-filed return shows that the government owes the taxpayer, it may be too late to collect the money. The good news is that the taxpayer will not be penalized for late filing and late payment, and will not be assessed interest. But the bad news is much worse.
If the return is filed after the statute of limitations has run out, the government wins and the taxpayer loses. Normally, the time for filing a return and obtaining a refund of an overpayment runs out 3 years after the return was due. That is sometimes referred to as the statute of limitations.
The point is that a 2005 individual tax return must be filed by this coming April 15th. It would be wise to send it certified mail to be sure that you get proof that it is received timely by IRS.
If you need help getting your return done, please contact me at 216-621-1120. But, Hurry !!!!
