Find Lost Tax Refunds Of 2010

By Author: Nicole Anderson
Total Articles: 82
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Unclaimed tax refunds have been a major source of unclaimed funds for both the IRS and state treasuries. It is officially reported that the U.S. government is in possession of millions of unclaimed tax refunds and both the federal and state treasuries are actively trying to locate the rightful owners.

According to a recent report, millions of U.S. residents (around 28 million) are still relying on food stamps to survive, while billions of dollars are still waiting to be united with their rightful owners. The combined value of unclaimed money in the 50 states is over $50 billion and a large chunk of these unclaimed funds is due to unclaimed IRS money. States like New York and California have one of the biggest reservoirs of unclaimed tax refunds.

A quick survey of the unclaimed tax refunds in some of the major states and highly populated cities disclosed the actual burgeoning vault of unclaimed tax refunds. According to a report, almost $5.6 million is owed to 17,000 Albany residents as part of their unclaimed property tax ...
... rebate. Most of the unclaimed checks have been directed to the office of the State Comptroller in March 2009.

A T.V. report from Monroe County mentioned that there are around 40 uncashed checks waiting to be claimed in the New York State Comptroller’s office. “For confidentiality reasons I can’t tell you the exact amount, but the funds on all the claims range from less than $50 to several thousand dollars.” said Emily DeSantis of the Comptroller’s office.
“Most people only need to file a tax return as they normally do,” Dianne Besunder, spokeswoman for the IRS, says in Schenectady’s Daily Gazette. “We will calculate eligibility and payment amount. However, many retirees and veterans do not normally file a tax return because their benefits are not taxable. This year, they must file in order to receive an economic stimulus payment.” States like Virginia, Maine, and Tennessee have reported the unclaimed checks averaging $700-$800 are yet to be put in the hands of thousands of residents who still are unaware that they might have unclaimed tax rebates.
The process of claim has also been simplified to a great extent and most of the claims can be made by a simple submission of a form which is available online. In terms of the volume of unclaimed IRS money, California has the highest number of unclaimed tax refunds, with almost $40 million owed to more than half a million residents.
While the government and state treasuries are aware of the magnitude of the unclaimed tax refunds, there is not a single solution for this complex problem. A large number of steps have been planned and executed at different levels of governance, not to mention the utilization of various media outlets. Recent legislations and simplification of claim process have increased the number of tax refunds claimed in the recent months, but the fact remains that billions of unclaimed funds are still lying unaccounted with the U.S state treasury. In 2010, the volume of unclaimed tax refunds has surpassed all the previous records.