March 09, 2010 // Franchising.com // (Virginia Beach, VA) Are you one of approximately 1.4 million people to whom the IRS owes refund money from tax year 2006? There's more than $1.3 billion outstanding, with the median amount owed averaging about $600. Liberty Tax Service urges taxpayers who can claim refunds from 2006 to file before April 15, 2010, or they will forfeit their refunds to the U.S. Treasury. Some of those lower and middle income taxpayers who are due a refund for 2006 may not have claimed the Earned Income Tax Credit, and may qualify for it. Others may have had taxes withheld, but weren't required to file a tax return because of their low total income. There was also a one-time Telephone Excise Tax Refund of $30-$60 that was available for most taxpayers to claim in 2006.
"The IRS allows you to claim refund money due back to three years," said John Hewitt, CEO of Liberty Tax Service. "There's never a penalty charge when the IRS owes you money and you haven't filed during those three years."
If the taxpayer had a tax liability for 2007 or 2008 and didn't file returns for those years, the amount of any refund for 2006 will be applied to that debt. It will also be applied to offset delinquent child support or student loan debt.
Liberty Tax Service is the fastest growing retail tax preparation company in the industry's history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 7,000,000 individual income tax returns. With 41 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service (NYSE:JTX).
Liberty Tax Service provides computerized income tax preparation, electronic filing, refund loans, and online filing through eSmart Tax. Each office offers free advice and free checking of returns to the general public. In addition, there's audit assistance, a money back guarantee, and free tax return checking. The Liberty Tax Service franchise opportunity is #9 on the fastest growing franchises list of the 2010 Entrepreneur "Franchise 500."