IRS won't help retirement plans find missing taxpayers
By Paula Aven Gladych
The Internal Revenue Service will no longer provide letter forwarding services to missing taxpayers who may be entitled to a retirement plan payment or other financial benefit from an individual, company or organization.
IRS Revenue Procedure 94-22 has been modified to remove language that states that the IRS will forward letters on behalf of an individual, company or organization that controls assets that may be due a taxpayer, including Plan Administrators, sponsors of qualified retirement plans, or qualified termination administrators of abandoned plans under the Department of Labor’s Abandoned Plan Program who are attempting to locate missing plan participants.
The IRS will continue to forward letters that serve a humane purpose, such as trying to find a missing person to convey an urgent message or to let them know of an emergency situation. It will forward letters to notify a person of a serious illness, imminent death or the death of a close relative, to locate a missing relative to convey an urgent or compelling message, or to help locate persons being sought for a medical study to detect and treat medical defects or diseases.
Originally published on BenefitsPro.com