$1 Billion Refund Deadline: IRS Commissioner Danny Werfel Asks Taxpayers to Take Action Now Until May 17th Deadline to File Refund Claims

IRS Requests Quick Action Before $1 Billion Refund Deadline

The IRS Is Offering Taxpayers Several Filing Options as the May 17 Deadline Approaches

In a recent article of Smart News, the IRS is warning taxpayers nationwide not to miss out on possible refunds totaling over $1 billion as the deadline for claiming federal income tax refunds for the 2020 tax year approaches. IRS Commissioner Danny Werfel stresses the need for prompt action as the May 17 deadline draws near, particularly in light of the unique circumstances that many encountered during the pandemic and may have led them to overlook possible refunds. To file their 2020 tax returns, consumers have many alternatives from the IRS, such as utilizing the Get Transcript Online service on IRS.gov or asking employers for important documentation.

Over $1 Billion at Risk: IRS Asks Taxpayers to Take Action Now Until May 17th Deadline to File Refund Claims
(PHOTO: The TurboTax Blog – Intuit)

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Taxpayers Are Suggested to Examine Supplementary Credits Aside from Median Refund Estimates

While the IRS projects a $914 median return for Virginia, other states, like Virginia, may experience somewhat lower estimates than the $932 average for 2020. Taxpayers must understand other benefits that are not reflected in these estimates, like the Earned Income Tax Credit and the Recovery Rebate Credit, as these could have a substantial influence on their prospective refunds. Since time is of the essence, taxpayers are urged to obtain the required paperwork and investigate their filing alternatives as soon as possible to avoid losing the opportunity to assert their legal claims.

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