Unlocking Hidden Tax Refunds: What PVH Employees Need to Know About Unclaimed Benefits

Healthcare Provider Update: Healthcare Provider for PVH PVH Corp., known for its popular brands such as Calvin Klein and Tommy Hilfiger, typically utilizes a range of healthcare providers for its employees. These may include major health insurance carriers like UnitedHealthcare, Aetna, and Cigna, depending on the specific needs and regional availability of services. The exact provider can vary based on employee location and plan options. Potential Healthcare Cost Increases in 2026 for PVH As healthcare premiums are anticipated to rise sharply in 2026, PVH could face significant cost increases for its employee health insurance. This surge is driven largely by rising medical costs and the potential expiration of enhanced federal premium tax credits, which could collectively increase out-of-pocket expenses by over 75% for many enrollees. In particular, some states are expecting premium hikes surpassing 60%, placing additional financial pressure on companies like PVH, which will need to strategically assess their healthcare options to manage these impending costs effectively. Click here to learn more

The Internal Revenue Service (IRS) recently revealed that a staggering amount over $1 billion  in tax refunds from the 2020 tax year remains unclaimed. This considerable sum represents excess payments that PVH employees, among others, have not yet reclaimed for various reasons, including incomplete filing forms and the intricacies of tax regulations.

Moreover, an additional $7 billion in unclaimed funds are overlooked annually due to missed claims on earned-income tax credits, child tax credits, and recovery rebate credits for both the 2020 and 2021 tax years. This highlights a pervasive issue within the tax system where employees at major corporations like PVH could miss out on substantial financial returns simply because they are unaware of or do not fully understand applicable tax laws and benefits.

For PVH employees, it’s critical to recognize that time is still on your side if you've forgotten to claim rightful credits or deductions. The IRS allows refund claims up to three years post the original filing deadline, typically April 15. Due to pandemic-related delays, the filing deadline for the 2020 tax year has been extended to May 17, providing an extra window to correct your filings and claim your dues before they revert permanently to the U.S. Treasury after the deadline.

At the state level, unclaimed funds are even more common. For instance, Nebraska has seen around $420 million in unclaimed property tax deductions since 2020. Similarly, in New Mexico, more than 16,000 residents failed to claim approximately $6 million in rebate credits anticipated for 2022.

A significant portion of these unclaimed refunds can be attributed to taxpayers who either did not file a return or failed to update their mailing addresses with the IRS, resulting in refunds that were never delivered. In 2020, the median amount of these unclaimed refunds was $932 per taxpayer.

The complexity of the tax code often deters taxpayers from pursuing their entitlements, including lesser-known deductions such as those for home offices and specific benefits for owners of pass-through entities. Ryan LoRusso, a partner at Withers, mentions that even tax experts frequently overlook benefits due to the code's complexities.

Most states align with the federal deadline of May 17 to file claims for the 2020 tax year.  According to Lucy Dadayan from the Urban-Brookings Tax Policy Center, most states offer a three-year window to file for unclaimed refunds, mirroring the IRS.  However, filing an amended return can be both challenging and costly, as Jamie Yesnowitz, a tax principal at Grant Thornton, emphasizes. The financial and administrative burdens of filing amended returns might deter individuals, especially when the potential savings do not justify the fees.

Featured Video

Articles you may find interesting:

Strategic estate planning is crucial in this environment. Consider a person with substantial assets, such as a $3 million brokerage account and a $3 million tax-deferred retirement account, planning to distribute wealth to family and charities. Understanding the tax implications and available credits or deductions can significantly affect the financial outcome of such legacies.

In summary, the complexities of tax laws mean many potential refunds and credits go unclaimed. PVH employees need to be proactive and informed about their tax filings to optimize potential refunds and credits, enhancing their personal financial management and engaging more deeply with the broader financial and economic landscape.

PVH employees, particularly those nearing or in retirement, should also be vigilant about tax scams. During tax season, retirees are often targeted by fraudulent schemes, including fake IRS calls demanding immediate payment. The IRS warns that these calls are scams, exploiting fears about law enforcement and compliance. A report by the Treasury Inspector General for Tax Administration in February 2021 indicated that over $10 million was lost to such scams in the previous year, highlighting the need for increased vigilance.