Friday, February 22, 2019

Friday Lost + Found

Ohio Oops -- The Ohio Division of Unclaimed Funds recently issued 1099 tax forms to those individuals who claimed abandoned property from the state during the prior year. Unfortunately, it appears that many of the forms were not sent to the correct individuals. Those who may be affected are encouraged to contact the Division of Unclaimed Funds for more information and a free year of identity theft protection.

Municipal Unclaimed Funds -- While we focus most of our attention on unclaimed property held by state governments, municipalities and counties may also hold unclaimed property. A municipal or county government may be holding payment refunds, jury service checks, or deposit refunds for rightful owners who have not claimed those amounts. For example, CBS 58 in Milwaukee reports that Milwaukee County is holding more than $2.2 million in unclaimed funds for its residents and business partners.

2016 Uniform Act News -- The Revised Uniform Unclaimed Property Act was released in 2016 and has been adopted in several states. Other states continue to consider getting on the bandwagon. Last week Colorado Senate Bill 88 (which would implement a version of the Uniform Act) was referred to the full state senate for consideration. At the same time, however, the Illinois legislature is considering bills to amend or repeal its early adoption of the UUPA.