A lone accountant recently took on the IRS in a case disputing how much the Tax Giant collected on de-mutualized insurance policy shares and policies. Well, David slew Goliath and this means millions of taxpayers have refund checks coming. Charles Ulrich’s win couldn’t have come at a better time as a lot of people across the US are really struggling to make ends meet. For non-holders of these ‘de-mutualized‘ assets, there’s still good news- unclaimed tax refunds.
Tax rebates are sent the same way taxpayers file for them, so if you deposited your return electronically, the IRS will automatically deposit your rebates to your account. Most US taxpayers now file their income tax online, but tens of millions still file it via snail mail. This invariably results in unclaimed tax rebates whenever these people move without leaving a forwarding address. Unclaimed tax refunds are another thing for reluctant taxpayers to look forward to during this time of recession. The amount of unclaimed money from New York State tax refunds is quite staggering- almost $10 million worth! Unclaimed tax rebates make-up a big part of the $8 billion New York unclaimed property fund in the State Treasury. In Virginia, Maine and Tennessee, unclaimed checks averaging $700-$800 are yet to be put in the hands of thousands of residents who probably aren’t even aware they are owed unclaimed tax rebates by the IRS. There are 187,000 LA state unclaimed tax refunds also worth around $10 million waiting for residents of The Pelican State. The total unclaimed money in Louisiana owed to citizens is well over $300,000. California leads the country in unclaimed tax refunds right now with $40 million belonging to 500,000 residents(133,604 in Los Angeles County) unfiled for.
The piles of unclaimed cash with the IRS keep growing among the different states and this lost money is eventually handed-over to the State Treasuries- going to an unclaimed property fund along with other unclaimed assets. Generally, the government holds on to these assets indefinitely until the rightful owners show-up. If you or your relatives have been moving, changing addresses frequently, odds are you may have unclaimed money from tax refunds or other unclaimed property in your name. Do an on-line unclaimed money search now!- who knows? You may have a thousand or two gathering dust somewhere and not even know it.