The IRS has just sent a reminder that people who have not filed a 2007 US income tax return will miss out on any refunds due if a return is not filed by 18 April 2011.

The timeframe for claiming refunds is three years from the date that the return was due. 2007 US returns were due for filing by 15 April 2008, and so the three year period technically should lapse on 15 April 2011.

The actual date for lapse is 18 April 2011, which is the filing date without extension of time for 2010 returns due to a US public holiday falling on the 15th, which is a Friday.

IRS advises there is a potential $1.1b in unclaimed refunds for the 2007 tax year relating to US taxpayers who have not filed for that year with around half of the refunds amounting to US$640 or more.

The availability of these refunds is not limited to persons residing within the US. Persons with income that has been earned and taxed outside the US, including in NZ, may well be due a refund if they have not filed for 2007.