Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-05-2012, 07:41 PM
Junior Member
 
Join Date: Mar 2012
Posts: 1
3 year limit on claiming refunds

Hi everyone,

I just filed 5 years of back taxes in December, '06, '07, '08' 09' and '10 and I was told I was entitled to refunds for '06 and '07 by my accountant. He said "my refunds are available until I file"

Now the IRS is telling me that the returns are "Under Review" because they are more than 3 years old. The rep said they are being reviewed because they "MAY" refund some or all of the money?!?

I just got a letter from them a week ago saying that I was being mailed a check for 2006 refund...but the rep said that is not the case?!?!

She said they may refund the $ and may not?!? Is the IRS lenient with the 3 year rule at all? Do I have any hope at all of getting any of the refunds?

Thanks in advance for anyone's help...please excuse me...I have an accountant that I have to strangle...



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-06-2012, 02:42 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,233
“She said they may refund the $ and may not?!? Is the IRS lenient with the 3 year rule at all? Do I have any hope at all of getting any of the refunds? “---->The IRS will not calculate the overpayment of tax and issue a refund check until a tax return is filed within the prescribed period. However, numerous exceptions exist extending the period in which you can file a past due return to receive a refund. A request for a tax refund related to a previous year will be valid and accepted by the IRS if you initiate the claim within three years from the time you filed the original return or two years from the date you paid the tax, whichever is later. Alternatively, if you receive a notice of deficiency from the IRS for a year in which you did not file a tax return and choose to contest the IRS's determination in the tax court, you can receive a refund for any excess tax payments made during the three-year period preceding the date of the notice. Generally speaking, it is never too late to file a tax return. Even after six or seven years, you can still file your tax return to the IRS. However, except in a few specific cases, you cannot obtain your tax refund after three years, as the statue of limitations will have expired. The IRS cannot pay refunds to you once the statue of limitations has expired. The tax law makes two exceptions for claiming a tax refund from seven years ago. The first is tax refunds that arise from bad debt.So if a loan you have made has still not been repaid and has a slim to no chance of being returned to you, you can declare that loan a loss on a tax filing from as far back as seven years ago and claim a refund. Secondly, under securities that have lost their entire value can likewise be grounds for amending a previously filed return for up to seven years and claiming a refund.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Depreciation limit: how about >$999.00 Section19 C-Corporation 0 03-09-2009 05:07 PM
Estimated tax refunds magclayton Estimated Taxes 1 01-08-2009 11:20 PM
What is the Special 30% Limit for Capital Gain Property made to 50% Limit Org's?. TaxGuru Itemized Deductions 0 07-09-2008 11:35 AM
Which Organizations qualify for the 30% Limit on AGI? TaxGuru Itemized Deductions 0 07-09-2008 11:22 AM
Which Organizations qualify for the 50% Limit on AGI? TaxGuru Itemized Deductions 0 07-09-2008 11:17 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning