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Millions may qualify for an IRS refund before July 10

Americans will be able to file for the COVID-era refund online through a new tool on the IRS website. ©Image Credit: Unsplash / Vitalii Abakumov

Ask yourself what you would do with a sudden and unexpected cash refund, because you may be eligible for one. If you paid the IRS failure-to-file or failure-to-pay penalties during the pandemic, you could get that money back—but you have to move fast.

A lifeline for those who haven't filed yet

Following a major federal court ruling, a judge determined that the IRS improperly assessed delinquency penalties and interest during the COVID-19 national disaster window (Jan. 20, 2020, through July 10, 2023).

While the IRS is currently appealing the decision and no money is moving yet, filing a "protective claim" by the July 10 deadline locks in your eligibility. If the IRS loses its appeal and you didn't file by the deadline, you permanently forfeit your right to a refund.

Filling a refund is easier than you think

With the deadline quickly approaching, the IRS is stepping in to make the process a little easier. A new tool has been added to the IRS website that allows taxpayers to file electronically.

All you need to do is find the correct form online, fill it out, and submit it by July 10. Previously, you had to fill out a physical paper form and mail it in. This new electronic option makes life much easier and could mean the difference between getting your money and losing out on the refund entirely.

Keep in mind this electronic form is only for the COVID refund, not other types of refunds. You can access it on the IRS mobile-friendly forms web page.

It's estimated that tens of millions of Americans may be eligible for a COVID refund, so it's worth taking a closer look. After the deadline, you will permanently lose the chance to file for a refund.

“Time is critical for people considering filing a claim,” said Glen Frost, Frost Law's founding partner.

Many don't realize they are eligible

A lot of people may not know if they're eligible for a refund or abatement, and could potentially be walking away from cash. You can speak to your accountant or find some basic information and guidance online.

Even if you're not sure if you qualify, filing by the deadline will protect your eligibility.

A cash refund isn't something to walk away from

Considering millions are eligible for the IRS COVID refund, it's well worth looking into, especially with the new electronic filing option.

Source: USA Today

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