» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 115 | NO. 188 | Monday, November 5, 2001

Print | Front Page | Email this story | Comments ()
IRS has good news for many Tennesseans

IRS has good news for many Tennesseans

The clock is ticking as the Internal Revenue Service urges Tennesseans to act now to claim more than 7,300 checks returned to the agency as undeliverable.  Many of the checks must be claimed by Dec. 5.

The agency's list of undelivered checks in Tennessee this year includes nearly 6,000 advance payment checks the IRS began issuing in July.  There is extra urgency for taxpayers to act quickly on these checks by Dec. 5.  After that day, taxpayers can't get an advance payment check.  Instead, they'll have to claim it after Jan. 1 on their 2001 tax returns.

The returned advance payment total is $1.8 million an average of about $309 per check.  The returned checks represent less than 2 percent of those mailed to Tennesseans.

In addition, nearly 1,400 tax refunds were returned to the IRS from this year and previous years.  These "regular" tax refunds are worth another $1.8 million an average of about $1,294 per check.

"The advance payment checks require taxpayers' immediate action to be delivered by the legal deadline," said IRS spokesman Dan Boone.  "But our goal remains the same for all undelivered checks: We want this money back in the hands of the people as quickly as possible."

Taxpayers who think they may be missing a refund or an advance payment check should first check their records or contact their tax preparer.  If they believe they are missing a check, they should call the IRS toll-free assistance line, (800) 829-1040.

Frequently, checks don't reach taxpayers because of a move or a major life change, such as a marriage or name change.

"As soon as we get the taxpayer's correct address," Boone said. "We'll start the check on its way.  But for the advance payments, we need that information by Dec. 5 to allow time to reprocess the checks."

The added urgency for the advance refund checks is because the Economic Growth and Tax Relief Reconciliation Act of 2001, which authorized the payments, states the checks cannot be issued after Dec. 31. There won't be enough time to process claims made after Dec. 5. 

"However," Boone said, "those eligible for an advance payment check who don't receive it before the end of the year can claim it as a credit on their 2001 tax return starting in January."

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 331 19,904
MORTGAGES 0 391 23,305
FORECLOSURE NOTICES 0 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 1 232 13,336
BUSINESS LICENSES 0 76 6,213
UTILITY CONNECTIONS 0 125 13,120
MARRIAGE LICENSES 0 94 4,936

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.