IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline

IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline  https://www.irs.gov/newsroom/irs-unc https://accountinginstruction.info WASHINGTON — Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service.  "The IRS wants to help taxpayers who are owed refunds but haven't filed their 2016 tax returns yet," said IRS Commissioner Chuck Rettig. "Time is quickly running out for these taxpayers. There's only a three-year window to claim these refunds, and the window closes on July 15. To claim the refund, a return for tax year 2016 must be filed by July 15, 2020."