Posts Tagged ‘unclaimed funds’

There’s Nothing Wrong With 3-Year-Old Money

Friday, April 8th, 2016

Time’s Running Out To Claim 2012 Refund Checks

Unclaimed Tax Refunds  - Ohio CPA Firm

Grab your unclaimed cash before it’s too late! The IRS owes taxpayers about $950 million of unclaimed tax refunds from 2012. But the deadline to file your late return is April 18, 2016. Read on to learn more.

If you are one of the nearly one million taxpayers who didn’t file a tax return in 2012, you may be eligible to receive an additional refund check from Uncle Sam. But if you don’t act fast you will miss your chance to claim your portion of the $950 million.

Funds that are not claimed by April 18, 2016 will become the property of the U.S. Treasury.

Were you a student in 2012 or was your income such that you weren’t legally required to file a 2012 tax return? It’s possible that, at that time, you had too much withheld from your wages (or paid higher quarterly estimated payments) than was actually necessary. And now the government owes you a refund. Additionally, depending on your particular circumstances, you could have also been eligible to claim certain tax credits, which are also just sitting there … waiting for somebody to claim them.

Read Also: From Toddler To Teen And Beyond: Tax Breaks For Families

According to IRS estimates, half the potential refunds are for more than $715. Unfortunately, if you don’t claim this money now, you never will. Taxpayers have three years to file a claim for a tax refund. Funds not claimed in time will become government property.

Here are a few other points to remember if you plan on claiming your share of unclaimed funds.

  • You must file a 2012 federal income tax return to claim your refund. The IRS needs to make sure you don’t owe any federal or state taxes for 2013 or 2014 as well, so if you haven’t filed those returns yet, the IRS may hold your refund to satisfy any tax debts that are owed as well as any past due child support or federal debts, such as student loans.
  • To claim your refund, you must properly address, mail and postmark your tax return no later than this year’s tax deadline (April 18, 2016).
  • Be sure to collect any and all necessary forms and include them with your return, including Forms W-2, 1098, 1099 or 5498. If you are missing a form or two, you can request copies from your employer (current and/or previous), your bank or another payer.

If you didn’t file a 2012 tax return and think the government owes you money, you have no time to waste. The IRS provides taxpayers with current and prior year tax forms and instructions on its website or by calling 1-800-TAX-FORM (1-800-829-3676). You can find additional help, such as tax calculators, refund tracker, record retention schedule and more in the financial resources section of the Rea & Associates website. Check it out!

By Lesley Mast, CPA, MAcc-Taxation (Wooster office)

Check out these articles for more last-minute tax help?

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Join The Fight Against Identity Theft & Income Tax Fraud

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Found: Your Unclaimed Funds

Monday, November 30th, 2015

Ohio Reports $2.8B In Unclaimed Funds

Unclaimed Funds - Ohio CPA firmBusinesses are required to report unclaimed funds to the state of Ohio every year. Oftentimes, these unclaimed funds could be in the form of uncashed checks, rent or utility deposits that were never deposited or savings accounts that may have been forgotten, for example.

Read Also: Is There A More Customer-Friendly OUF-8 Notice?

Businesses are responsible for notifying account holders of their unclaimed funds by using the official Notice of Unclaimed Funds form (also known as the OUF-8), though it’s not uncommon for these notices to fall through the cracks.

In 2015, Ohio is reporting that there is $2.3 billion in unclaimed funds to be collected in 2015. So far this year, Ohioans have received $34.4 million with an average claim of $2,100. In 2015, Ohio citizens claimed about $76 million in unclaimed funds.

Not sure if you have a forgotten checking account? Or was there a deposit that never made it to the bank? Check to see if you can make a claim for some of these unclaimed dollars, visit the Department of Commerce website or call the state agency.

By Joseph Popp, JD, LLM (Dublin office)

Want to learn more about unclaimed funds? Check out these posts:

Free Money May Be Waiting For You!

What Do I Need To Know About Unclaimed Property in Ohio?

Dear Drebit: Is There A More Customer-Friendly OUF-8 Notice?

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What Do I Need To Know About Unclaimed Property in Ohio?

Monday, September 16th, 2013

We have all lost things from time to time. Our keys, our phones, and sometimes it seems our minds. But did you know that more than 200,000 Ohioans have lost financial assets worth more than $1 billion? As a result and in an effort to protect property rights and reunite the owners with their rightful funds, Ohio enacted unclaimed property laws.  (more…)

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Is Your Business in the Crosshairs? Ohio Commerce Div. Examines Taxpayers for Unclaimed Funds

Tuesday, January 3rd, 2012

Businesses that owe customers funds and are unable to contact them can face substantial penalties from the Ohio Department of Commerce if they don’t properly report these accounts. (more…)

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