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Tax Tip of the Week
For the week of
Novmber 24, 2003

Does the IRS owe you money?

Are you still waiting to receive your check for the child tax credit from the IRS? If so, it might be because you moved this year and forgot to give the IRS your new address.

The IRS has over 115,000 checks which were returned by the post office as undeliverable. That's around $50 million waiting to be claimed. The checks were issued this past summer for advance payment of the increased child tax credit, approved as part of this year's tax cuts.

In addition, the IRS has 92,000 undeliverable checks for regular tax refunds, averaging over $700 per check. Most of these are also for taxpayers who didn't notify the IRS when they moved.

There's still time to get a replacement check issued for the child tax credit before year-end, but you'll have to act by December 5, 2003. If you miss that deadline, you can't claim the increased credit until you file your tax return next year.

To find out whether there's a payment waiting for you, go to the IRS Web site (http://www.irs.gov/) and follow the links to "Where's My Advance Tax Credit?" or "Where's My Refund?" You'll need your social security number and certain information from your last tax return. The Web site will also provide instructions on how to claim your missing refund.

It's easy to forget to notify the IRS when you change your address. But it's a good idea even if you're not expecting a refund. If you don't, you could miss a deadline for responding to questions on your last tax return and then be subject to penalties. Also, you won't receive your annual packet of forms for the next year. To change your address, file Form 8822 with the IRS.

For assistance with any of your tax concerns, contact our office.

Click here to view previous tax tips.

"Tax Tips" are published weekly to provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders, and current tax information.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help.

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