TAX 101

Tax Tips with Tiff

Final Day for Electronic Filing of 2020 Returns
Saturday, Nov. 18, 2023 is also the last day that Tax Year 2020 returns can be electronically filed.

An original return claiming a refund must be filed within 3 years of its due date for a refund to be allowed in most instances. After the expiration of the three-year period, the refund statute generally prevents the issuance of a refund check and the application of any credits, including overpayments of estimated or withholding taxes, to other tax years that are underpaid. However, the statute of limitations for the IRS to assess and collect any outstanding balances doesn't start until a return has been filed. In other words, there's no statute of limitations for assessing and collecting the tax if no return has been filed.