If you have not filed a previous year tax return and you think you are due a refund, you better get going! There is a statute of limitations of three years from the date the taxs return is due to claim a refund. After that it expires and you are not entitled to it anymore. On the other hand, if there is tax due, the IRS can demand payment on a return until three years after it is due or three years from when it is filed, whichever is later. So if you haven’t filed the IRS can collect on it forever (Theoretically of course.)
Brian’s Tax Musings
The talk now is that the Senate will vote on the 1099 repeal Tuesday. See this link:http://www.jckonline.com/2011/04/01/senate-voting-on-1099-repeal-next-weekWill let you know what happens.
Brian’s Tax Musings
I didn’t post on Friday because I went out of business. No, because I went out of my mind. Oh well back to work. April Fools!!!