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Free People Search with the Help of the IRS

By Daniel Lamaute

Few pieces of mail can get your attention as much as a letter from the Internal Revenue Service. Even in these times of tax refunds, you can’t be sure if an envelope from the IRS brings bad news or a check from Uncle Sam. Now comes a new twist, a letter from the IRS may not be about your taxes at all. That’s because the tax collector has offered to act as courier for people looking to match unclaimed assets with their owners.

With between $10 billion and $20 billion of funds lying unclaimed and placed in the hands of state and federal institutions, it is believed that around one American in eight is entitled to money they know nothing about. Only 4 percent of those funds though are ever returned to their missing owners.
 
To help reunite beneficiaries with their assets, the IRS is cooperating with private firms to mail notices of unclaimed benefits to beneficiaries. To use the service the sender must provide the IRS with your Social Security Number along with a cover letter explaining why they need the help of the IRS to locate you. The IRS will search its database for the account-owner and forward the letter on. This “People Search” service is free for up to 49 searches. To its credit the IRS does not give out your address to the sender or inform them whether or not you received the letter.

This Free People Search service is designed to help groups such as pension funds, banks and insurance companies notify account-owners and beneficiaries about assets that need to be distributed to their rightful owner. But the service may also be used by lawyers, accountants, estate trustees, and even family members looking to inform long-lost relatives that they’re entitled to some assets.

No matter how well intentioned, this program by the IRS is not without controversy. Although the IRS demands documentation proving that the sender is acting legitimately, this program could easily fall prey to abuse since the IRS steps out of the picture once the message has been delivered.  Fraudsters could use the system to cheat people into paying fees to recoup unclaimed assets that don’t exist. Alarmed also are privacy activists who complain that the IRS has no business using your personal information for any purpose other than to carry out their tax functions.

If you receive a letter sent through the IRS informing you that you are the lucky owner of assets unknown to you - act with caution. In general, you should not pay a fee - and almost certainly not an advance fee - to claim those assets, so any demand for cash up front should raise a red flag. Research the institution claiming to owe you money and contact them directly before giving them any of your personal or financial information.

The most frequent cause of their unclaimed status is simply forgetfulness. As people move home, they lose track of some small bank or retirement savings account that they’ve had. Under the People Search program, the IRS has one more opportunity to bring you good news.


Daniel Lamaute, a retirement investment specialist with Lamaute Capital’s www.investsafe.com  provides tips on how to avoid taxes and penalties on your retirement funds withdrawals.