SOURCE: Petz Enterprises, Inc.

March 06, 2006 08:52 ET

TaxBrain.com® Offers Fast, Free Filing for Taxpayers Eligible for $2 Billion in 2002 Refunds Being Held by IRS

TRACY, CA -- (MARKET WIRE) -- March 6, 2006 -- Taxbrain.com (http://www.taxbrain.com), third largest independent online tax service in the U.S. is now offering fast, free filing to taxpayers who qualify for a refund on their 2002 return -- but somehow never filed.

According to a recent Associated Press report, the IRS owes more than $2 billion to over 1.7 million taxpayers who never filed returns in 2002. To collect the refunds, taxpayers must file a 2002 tax return before this year's April 17 filing deadline. The IRS urges taxpayers to check their records and seize the opportunity to claim their money.

"We want people to get the refunds they're entitled to," IRS Commissioner Mark Everson said Tuesday. "Taxpayers can't get a refund if they don't file a return."

Online quickest way to get up-to-date and claim refund

Eric Hayes, TaxBrain.com Senior Tax Analyst explained, "TaxBrain.com has a very easy procedure already in place to help 2002 -- as well as 2003 and 2004 filers -- restore their return and claim their refunds.

"Returns for 2002, 2003 and 2004 prior year returns can be prepared for free at TaxBrain.com. While preparation of these returns can be done online, they cannot be filed electronically -- they must be mailed to the federal and state tax authorities.

This service is completely free, and establishes a permanent electronic tax return record. Going forward, the taxpayer can also complete the current year's return for a very nominal fee."

Mr Hayes explained, "If a taxpayer does not file, the IRS can prepare a return up to three years later based on information the IRS already has including W-2's, 1099"s, etc. Additional tax will be assessed, as well. This usually results in more tax and interest being owed because the IRS does not factor in deductions a taxpayer may be entitled to. In fact, IRS prepared returns can be filed up to 10 years later, so the longer a taxpayer waits, the less refund will be received due to the offsetting taxes owed.

"Filing 2002 tax returns as soon as possible, therefore, is the best solution," Mr. Hayes said. "A typical 1040EZ prepared via TaxBrain.com is free and should take only about 30 minutes of the taxpayer's time. Using Direct Deposit, the refund is in the taxpayer's bank account in just a few days.

"Since 40% of all federal returns are prepared by Do-It-Yourself-ers, a marketplace segment of 52 million taxpayers, online preparation and efiling have come of age and are rapidly becoming the preferred method," continued Mr. Hayes. "Industry estimates point to 13.4 million returns prepared online in the 2006 season. TaxBrain.com's online registrations are up 49.6 percent for the same period last year, the best increase at the halfway point in six years," he said.

About TaxBrain.com Online Tax Service

TaxBrain.com is the consumer division of Petz Enterprises, Inc. It is the only web-based tax solution delivering online preparation, filing, professional assistance and representation in all 50 states. TaxBrain.com is a full-service online tax center providing tax advice, tools, and resources all year to help taxpayers manage their tax burden with greater confidence and ease. For more information visit http://www.taxbrain.com/press or http://www.petzent.com

Contact Information

  • For further information contact:
    Craig Petz
    Petz Enterprises
    209-835-2720 ext. 2007
    Email Contact

    Steven Swartz
    978-524-9595
    Email Contact