The Internal Revenue Service is holding onto more than a billion dollars for Americans who are owed the money from 2005, but who have not filed income tax returns for that year. $21.2 million of that money is owed to 26,000 Missourians. And, time to claim the money is running out.

Michael Devine, media relations specialst for Missouri and Kansas with the IRS in St. Louis, says this is money that was withheld by employers and should be refunded to taxpayers.

There is a three year statute of limitations for filing for IRS refunds – meaning the deadline to file for 2005 is April 15th of this year. Any money not claimed by that date goes back to Uncle Sam.

Download/Listen: Steve Walsh report (:60 MP3)

The deadline for filing 2008 income tax returns is still more than two months away, but – by now – Missourians should have received most of the documents they are expecting – documents that include W-2s and other employment-related forms and 1099s for intereat and dividends.

Michael Devine, Media Relations Specialist with the Internal Revenue Service in St. Louis, says all those documents should have been sent by January 31st. Devine says if taxpayers are expecting any documents not yet received they should contact the employer to find out where the documents are and ask that the papers be sent. Devine says anyone who has not received needed documents by February 15th should contact the IRS, which might be able to help taxpayers obtain copies of the forms or file without the documents.

Devine adds taxpayers should not file their returns until they have all the required forms. He says this will require the returns to be amended and will slow down any refund that might be forthcoming.

Download/Listen: Steve Walsh report (:60 MP3)

Time is running out for anyone looking for certain 2008 tax deductions.

One of the most popular deductions this time of year comes in the form of charitable contributions. These contributions can be in the form of clothing, cars, real estate, and even cash or check.

Michael Devine with the Internal Revenue Service in St. Louis says it is imperative that people making contributions get receipts for those contributions to prove that donations have been made. Next on the importance list is making sure the contributions are made before midnight December 31st.

Not all 2008 deductions have a December 31st deadline. You will still have until April 15th of 2009 to make an Individual Retirement Account contribution for 2008. For most Missourians the maximum IRA contribution for 2008 is $5,000. But the maximum is higher for those 50 years old and older.

Download/Listen: Steve Walsh report (:60 MP3)

Many Missourians are familiar with the April 15th deadline for filing income tax returns, but another tax deadline is just about here. It’s the October 15th filing deadline for Missourians who requested an extension in filing their documents and/or the money they owe to the Internal Revenue Service .

Michael Devine, Internal Revenue Service Media Relations Specialist for Missouri & Kansas, says if you owe money it is important to pay what you owe as quickly as possible. Interest on money owed has been growing since April 15th, but additional penalties will be assessed if the actual return is not filed by tomorrow.

If you do not have all the documents you need, file anyway and enclose a note to the IRS. If you owe money, pay what you can afford to pay. The IRS will work with you on a payment schedule.

Download/Listen: Steve Walsh report (:60 MP3)

The Internal Revenue Service is trying to track down more than 113,000 Missourians who might be missing out on those economic stimulus payment checks most of us received earlier this year. It’s believed most of the people owed checks are retirees, disabled veterans, and low income workers who would not have been required to file income tax returns for 2007, but who will not receive checks unless the 2007 return is filed.

In order to qualify for a stimulus check, these people must have at least $3,000 in qualifying income, have a valid Social Security number, and are not a dependent or eligible to be a dependent on someone else’s federal tax return. Michael Devine with the IRS in St. Louis says Supplemental Security Income does not count as qualifying income, but would include such things as earned income, Social Security benefits, certain Veterans Affairs benefits, Railroad Retirement benefits, and non-taxable combat pay.

To receive the $300 – or $600 for those married and filing jointly – a 2007 federal income tax return must be filed by October 15th.

Download/Listen: Steve Walsh report (:60 MP3)