Did you receive an IRS CP12 notice saying you’re owed a refund — only to find out that the IRS says it’s too late to actually give you the money? In this video, I break down a frustrating CP12 notice involving a 2020 tax return where the IRS determined the taxpayer was entitled to a $1,700 refund because of the Recovery Rebate Credit. The problem? According to the IRS, the statute of limitations for claiming the refund had already expired. I explain why the IRS would bother telling you about a refund it says it can’t pay, how the statute of limitations on tax refunds generally works, and why the CP12 notice gives you an opportunity to challenge the IRS if you believe its refund-period determination is wrong. While the IRS may very well be correct, statutes of limitation can get complicated — and there are circumstances where the normal deadline may not tell the entire story. If you owe the IRS or your state at least $10,000 in back taxes, or you have multiple years of unfiled tax r...