Claim Missing Money With Found Money®

Palonek reminds Mississippians and others they have 3 years to file their tax returns to make sure they collect refund money owed to them by the IRS.
It’s that time of year again when everyone is thinking about filing their tax returns and the ones that do not, can be missing out on a fair amount of refunds from the federal government.
In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years, the money becomes unclaimed property of the U.S. Treasury. For 2006 returns, the window closes on April 15, 2010. The law requires that the return be properly addressed, postmarked and mailed by that date. There is no penalty assessed by the IRS for filing a late return qualifying for a refund.
According to U.S. Senator Roger Wicker, R-Miss., in 2008 t he Internal Revenue Service (IRS) is holding more than $10 million in unclaimed refunds for over 12,000 Mississippians who did not file a federal tax return in 2005. For 2009 those number can be even higher. “I strongly encourage every Mississippian to check their records and make sure that they received their 2005 federal tax refund,” said Sen. Wicker.
The April 15th deadline is approaching, so those who did not file in 2006 should act. You can do so with no penalty from the IRS and still claim your refund.
The IRS estimates that the average Mississippian who is eligible for a refund would receive about $500. Some individuals may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments.
The IRS reminds taxpayers seeking a 2006 refund that their unclaimed checks will be held if they have not filed tax returns for 2007 or 2008. In addition, the unclaimed refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans.
By failing to file a return, individuals stand to lose more than refunds of taxes withheld or paid during 2006. Many low-income workers may not have claimed the Earned Income Tax Credit (EITC) and which gives them even more unclaimed cash.
“During these very difficult economic times, taking action now could put much needed money in the pockets of thousands of Mississippians and others” says Palonek, founder of a unclaimed money and asset search service called foundmoney.com, where people can search their names and the names of friends and relatives to see if they have any unclaimed cash that can be claimed.
According to Palonek, some of the unclaimed assets come from Banks, insurance companies, energy and telephone utilities and companies paying oil royalties. Money, stock or other financial instruments that have been dormant at institutions, or checks and refunds that could not be delivered to the right party, eventually must be turned over to the state. Don’t delay in starting your search at www.foundmoney.com for unclaimed money, you may be richer than you think.

Edward Palonek reports that more than 9 billion dollars are unclaimed in New York State. “With rate of recovery nearing 75%, the money from unclaimed accounts could add up to close to 7 billion dollars of economic stimulus” says Palonek, founder of FoundMoney.com

People find money in many places like street corners, old jackets, but few consider the idea of finding money online. The new trend is to search for money online. While there are many websites, one stands out of the crowd. Foundmoney.com has been operating since 1994 where thousands of people have found a small fortune. Recently, someone in New York State has claimed an account worth over 4 million dollars in stocks he did know existed. The top account holders in New York are valued at $6.8 million dollars. There are some millionaires walking the streets and they don’t even know about it.

Government institutions like IRS has unclaimed money and procedure for storing and locating the owners of this money. According to http://www.irs.gov website, the abandoned property is stored according to 9.7.11.4 (05-15-2008). These section states that:

”Abandoned or other unclaimed currency or monetary instruments shall not be deposited into the Treasury Suspense Account. Abandoned or other unclaimed currency or monetary instruments may be deposited into the Internal Revenue Service (IRS) Suspense Account until an owner files a proper claim or title vests in the United States.”

Edward comments “Claiming the money from various institutions can be tricky but most are relatively easy”. IRS has a very strict procedure on claiming money as to the 9.7.11.8 section of the “Abandoned Property” manual, which state:

“The procedures relating to claims filed for abandoned or unclaimed property contained in 41 CFR 128–48.502 and 41 CFR 48.503 are similar to the petition for remission or mitigation process covered in IRM 9.7.7, Claims and Petitions”

President Obama has promised massive spending bills to stimulate the economy, perhaps one of the first agenda on the new administration list should be the re-structuring current handing and recovery of unclaimed money. “As in New York, the 9 billion dollars could go a long way to help this State” comments Edward. Currently the handling of unclaimed money by the State and other intuitions allows for a lot of fraud. As a result of various found money scams the states are making it harder for legitimate unclaimed money owners to claim their money. Foundmoney.com has seen all sort of scams and claims of unrealistic fortunes. “Be aware of the imitators who promise a large sum for a small percentage” says Mr. Palonek

Edward Palonek
HTTP://BLOG.FOUNDMONEY.COM

Under this act:

Individuals and families are eligible to receive up to $600 for individuals and $1,200 for couples. A minimum of $300 per person and $600 per couple would be available to those with at least $3,000 of earned income. This relief would be available to everyone with adjusted gross income less than $75,000 for singles and $150,000 for married couples filing jointly. It will be phased out for taxpayers above those income thresholds. Taxpayers may qualify by filing a tax return for 2007 and including a valid Social Security number on their tax return.

Everyone eligible for this relief would also receive an additional $300 per child. For example, this would mean up to $1,800 of tax relief for an eligible couple with two children.

Recipients of Social Security and certain veterans' benefits are also eligible for rebates. Those who receive at least $3,000 from any combination of benefits from these programs will receive rebates. The IRS and Treasury Department will be working closely with the Department of Veterans Affairs and the Social Security Administration, along with beneficiary organizations, to ensure that all eligible individuals are able to receive their payments.

However with the IRS unable to deliver some of this money due to various database errors. Much of these errors can be attributed to incorrect mailing addresses. As such IRS has setup a hotline that you can call to claim your money.

With Christmas around the corner, a gift from Uncle Sam would be a very nice gesture. So don’t delay, call the IRS hotline at 1-866-234-2942. As always don’t forget to search for any missing money on our website as well.

Majority of people have already received their stimulus checks in the summer, but there is a vast amount of people who have yet to see anything from the IRS. This due to the fact that the IRS may not have the correct address or some other mailing problem causes the check to return to IRS. When this happens the check then becomes unclaimed. Currently there is no clear vision as to what will happen next, but various ideas bounced by the IRS suggest that these unclaimed checks will be applied as a tax refund for the following year. When looking at a state of Illinois we found that more then $5 million dollars have been returned to the IRS due to the mailing problems. In addition some families and individuals who qualify for tax refunds will not be getting their refund any time soon due to again mailing problems. The amount of these refunds is close $3.5 million.

In the current economic state this money surely could help a little in the great state of Illinois.

FoundMoney.com is keeping a track of unclaimed money and assets, this includes IRS refunds.

If you would like for IRS to have the correct address simply follow these instructions from their website

Address Change
I have moved since filing my 2007 tax return. How will my payment reach me?
A. Filing Form 8822, Change of Address, with the IRS and a change of address notice with the U.S. Postal Service will help ensure that any mail from the IRS, including your stimulus payment check, is sent to your new address. If the check has already been mailed and you did not provide the IRS with an updated address, the check will most likely be returned to the IRS. You may call the IRS at 1-866-234-2942 to provide your new address so that steps can be taken to have the check reissued.

So don't delay, update your current address and you could be getting more checks.