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Showing posts from March, 2013

Unclaimed Federal Tax Refunds & What Happens When Sovereigns Collide

 According to The Asbury Park Press , the federal government is holding more than $917 million in unclaimed tax refunds from 2009 and the deadline for requesting a refund -- April 15 -- is fast approaching.  According to the article the number of taxpayers affected is significant:  more than 30,000 in New Jersey, over 86,000 people in Texas, and more than 100,000 in California.  This begs the question:  what happens to these tax refunds if they remain unclaimed, do they get turned over to the states as unclaimed property?  Consider the following: Unclaimed property practitioners are familiar with the seemingly continued and unrelenting expansion of state unclaimed property laws.  Where, historically, those laws were used to provided rules for the disposition of the estates of those who died without heirs, they now touch upon nearly every party of modern economic life:  bank accounts, brokerage accounts, checks, gift cards, benefits, rebates, insurance proceeds . . . . the list i

Lost + Found: Unclaimed Celeb & Politico Cash; Badger Boxes

Unclaimed Money in Hollywood . . . -- NBC Dateline posted a short video discussing unclaimed funds being held for Hollywood notables and other celebrities.  NBC's Tamron Hall caught up with Joan Rivers to let her know in person.  Julia Roberts, Jodie Foster, John Travolta, Katie Holmes and others are on the list. . . . And in Washington -- According to PC Magazine President Obama also has money waiting for him as unclaimed property. A look inside Wisconsin's Unclaimed Safe Deposit Boxes -- Fox 11 (Green Bay, Wisconsin) has an entertaining  article about what residents of the Badger State are keeping in their unclaimed safe deposit boxes.  Just the normal stuff -- spoons, pearl undergarments, bricks of cocaine . . . .