Tax

IRS Has $164.6M in Refunds Waiting to Be Claimed

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IRS Has $164.6M in Refunds Waiting to Be Claimed

The Internal Revenue Service is looking to return $164.6 million in undelivered refund checks.

A total of 111,893 taxpayers are due to one or more refund checks that could not be delivered because of mailing address errors.
 “We want to make sure taxpayers get the money owed to them,” said IRS Commissioner Doug Shulman in a statement. “If you think you are missing a refund, the sooner you update your address information, the quicker you can get your money.”
A taxpayer only needs to update his or her address once for the IRS to send out all checks due. Undelivered refund checks average $1,471 this year, compared to $1,148 last year The average dollar amount for returned refunds rose by just over 28 percent this year, possibly due to recent changes in tax law which introduced new credits or expanded existing credits, such as the Earned Income Tax Credit. If a refund check is returned to the IRS as undelivered, taxpayers can generally update their addresses with the “Where’s My Refund?” tool on IRS.gov. The tool also enables taxpayers to check the status of their refunds. A taxpayer must submit his or her Social Security number, filing status, and amount of refund shown on their 2009 return. The tool will provide the status of their refund and, in some cases, instructions on how to resolve delivery problems. Taxpayers checking on a refund over the phone will receive instructions on how to update their addresses. Taxpayers can access a telephone version of “Where’s My Refund?” by calling 1-800-829-1954. While only a small percentage of checks mailed out by the IRS are returned as undelivered, taxpayers can put an end to lost, stolen, or undelivered checks by choosing direct deposit when they file either paper or electronic returns. Taxpayers can receive refunds directly into their bank, split a tax refund into two or three financial accounts, or even buy a savings bond. The IRS also recommends that taxpayers file their tax returns electronically because e-file eliminates the risk of lost paper returns. E-file also reduces errors on tax returns and speeds up refunds.

IRS Has $164.6M in Refunds Waiting to Be Claimed

A total of 111,893 taxpayers are due to one or more refund checks that could not be delivered because of mailing address errors.

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This post was last modified on March 21, 2021 3:49 PM

Gustavo Viera

Gustavo A Viera is the managing partner of Accountants in Miami. His experience spans more than 35 years. He started his career in public accounting at the Big 4 CPA Firm of PriceWaterHouseCoopers where reached the level of senior audit manager. His Fortune 500 experience includes positions as CFO - Latin America Region for both Hewlett Packard and Telefonica of Spain. Gustavo also writes a blog twice a week that addresses trending accounting and tax issues. He is an SBA Advisor and teaches workshops for aspiring entrepreneurs. His office is located at 8950 SW 74 Court Suite 2201 – Miami, FL 33156 and is admitted to practice in the State of Florida as a licensed Certified Public Accountant. Gus welcomes questions and he can be reached at 305-431-2601.

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