Local Tax Attorney Warns of Potential Loss of Tax Return

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Local tax attorney, Patrick T. Sheehan warns taxpayers who have not yet filed their federal Form 1040 tax return for 2010 with the IRS that they may soon be barred by the refund statute of limitations to receive their refunds.

Generally speaking, a taxpayer has three years from the due date of the tax return to claim a refund for that year.

Local tax attorney Patrick T. Sheehan warns individuals that have not yet filed their federal Form 1040 tax return for 2010 with the IRS, any refund listed on that tax return will soon be barred by the refund statute of limitation. Generally speaking, a taxpayer has three years from the due date of the tax return to claim a refund for that year. The due date of the 2010 federal Form 1040 tax returns was April 15, 2011. The expiration of the refund statute of limitation for 2010 is April 15, 2014. Anyone that has not yet filed your federal Form 1040 tax return for 2010 with the IRS is strongly urged to do so on or before April 15, 2014, to ensure receipt of the refund as duly entitled.

The IRS recently announced that nearly $760,000,000 in refunds may be available to nearly one million people who failed to file a federal income tax return for 2010. According to IRS estimates, half of the potential refunds for 2010 are $571.00 or more.

If a tax return for 2010 is filed on or after April 15, 2014, the law bars any entitled refund. Even if there are unpaid liabilities for other years, the lost refund does not apply to any of the other years. Sheehan stresses that, “The application of this law acts to deny refunds to which hard-working Americans are otherwise entitled."

Unfortunately, many millions of dollars are lost in this fashion every year simply because taxpayers did not file their tax returns within the applicable limitation period. Patrick T. Sheehan, a former IRS attorney and owner of Patrick T. Sheehan and Associates, Attorneys at Law, P.C. would rather see these funds go into the pockets of the taxpayers who earned this money instead of being kept by the federal government.

Mr. Sheehan’s practice focuses exclusively on assisting individuals and businesses with their tax disputes before the Internal Revenue Service and the Illinois Department of Revenue. Patrick T. Sheehan and Associates is the largest tax dispute resolution law firm in DuPage County.

For more information regarding Patrick T. Sheehan and Associates and the tax attorney services they offer, call 877 – 4 IRS LAW or visit their website at http://www.sheehan-law.com.

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