IRS HAS $1.2B IN UNCLAIMED TAX REFUNDS FOR 2004Washington, D.C. — The Internal Revenue Service said that it had approximately $1.2 billion in unclaimed refunds waiting for 1.3 million people who did not file federal income tax returns for 2004, but they needed to file by April 15, 2008, to claim the money.
The IRS estimated that half of those who could claim refunds for tax year 2004 would receive more than $552. In some cases, individuals had taxes withheld from their wages, or made payments against their taxes out of self-employed earnings, but had too little income to require filing a tax return. Some of them may also be eligible for the refundable Earned Income Tax Credit.
The law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed within three years, the money becomes the property of the U.S. Treasury. The IRS does not assess a penalty for filing a late return that qualifies for a refund.
However, the IRS warned that taxpayers who want a refund for 2004 will have their checks held if they have not yet filed tax returns for 2005 and 2006. And if they want to receive an economic stimulus payment or tax rebate this year, they will need to file a return for 2007 as well. The refund may be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past-due federal debts such as student loans.
CCH EXPANDS EUROPEAN TAX RATE COVERAGE
Riverwoods, Ill. — CCH has released Worldwide Tax Rates and Answers: Central and Eastern Europe, an online tax compliance and research product for companies doing business in those parts of the world.
The product is the fourth in CCH’s Worldwide Tax Rates and Answers Series. It includes information on 12 countries: Armenia, Azerbaijan, Bosnia-Herzegovina, Croatia, Georgia, Kazakhstan, Montenegro, Norway, Serbia, Turkey, Ukraine and Uzbekistan.
Worldwide Tax Rates and Answers provides information on current national and local tax rates, along with tax forms and instructions in English. The data is presented in chart format to allow comparisons across jurisdictions.
Up-to-date answers to approximately 220 common tax questions in each country are categorized into topics such as tax rates, corporate income tax, transfer pricing, withholding tax, value-added tax, business formation, capital gains and currency. CCH is also keeping track of legislation to offer information about future tax rates in the various countries.
For more information, visit http://cchgroup.com/wtracee/.
MCGLADREY, AXIOM TEAM ON R&D TAX CREDIT SERVICES
Minneapolis — RSM McGladrey and Axiom Solutions have signed an agreement to offer research and development tax credit services to companies. The two are aiming at the upper end of middle-market companies.
Last year, in an effort to close the tax gap, the IRS increased the scrutiny of tax claims by large and midsized businesses. RSM McGladrey and Axiom have strengthened their offerings and personnel in response.
The RSM McGladrey team contains more than 60 R&D professional specialists, including accountants, tax attorneys, consultants and former IRS employees. Axiom’s R&D business comprises more than 45 accountants, engineers and tax attorneys. The two companies will perform joint consulting engagements and work together on targeted marketing efforts.
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