Wednesday, January 28, 2015

Note to States: The DMF is Not Infallible

Since the widespread audits of life insurance companies' unclaimed property compliance became public knowledge in 2011, there has been copious ink spilled on discussion regarding the Social Security Death Master File.  The macabre-sounding index is not the central plot point of a horror movie, it is a database file maintained by the Social Security Administration that tracks deaths reported to the SSA.  That information, in turn, is used for a number of purposes by government agencies and private industry. 

In more recent years, the DMF has also become a new (if controversial) tool of unclaimed property auditors and states seeking to recover property that does not otherwise meet the black-letter presumption of abandonment set forth in state unclaimed property laws.  (The propriety of such a practice is a topic for another day).  At a minimum, however, Fox has an article that proves that resort to the DMF is not panacea for the states or holders. According to Fox, a 94 year old Ohio man is being stopped from filing his taxes because the IRS thinks he's dead.  The culprit?  According to the article, the reason that the IRS refused to accept the return "was because the filer was dead according to the Social Security Administration."

While similar errors can likewise happen with holder records, the article is a reminder that no test or tool is infallible, and generalizations made by auditors and states during the audit process are just that -- generalizations that must always be subject to rebuttal.   

2 comments:

  1. No matter what type of Michael Kors Bags Outlet each individual got, they all had one thing in common. We all know that getting something on sale is like winning a mini lottery, but to find a name brand handbag like Michael Kors Black Friday Sale for instance, discounted is like a slice of heaven on earth. I have personally attacked my husband with hugs and kisses when finding Official Coach Outlet Online at discounted prices.

    Michael Kors Factory Outlet stores can be found in malls all over. MK Outlet and other Coach merchandise can also be found in some boutiques. Inspired by the same material baseball gloves are made from, these Coach Bags On Sale Online are versatile and stylish. Since it's conception, the Michael Kors Handbags Outlet has been produced into a variety of designs, colors, shapes, and styles that have won top pick of millions of women the world over.

    New Michael Kors Bags are the most sought after handbag. Since Coach Outlet Online is one of the most recognized name brands in the world of fashion, you will find A-list celebrities down to small girls wearing them.

    tags:Coach Outlet|Coach Bags Factory Outlet|Coach Purses Outlet

    ReplyDelete