Uncomplicate Your Unclaimed Property

Unclaimed property refers to financial assets that have been abandoned or forgotten by their owners. Examples include uncashed checks, dormant bank accounts, unused gift cards, and unclaimed wages. Businesses need to report these assets to state governments after a certain period of inactivity (usually 3-5 years). It's a legal requirement in all states, and failure to comply can result in penalties and interest.

Most states require businesses to file unclaimed property reports annually. Reporting deadlines vary by state, but many have due dates in the fall (October/November). Some states have different deadlines for different types of businesses or property.

Non-compliance can result in penalties, interest charges, and potential audits. Penalties can include fines per day of non-compliance and interest on the value of unreported property. Some states may assess penalties of up to $100-$200 per day of violation, which can add up quickly.

Your business likely has unclaimed property if you have outstanding checks, credit balances, unused gift cards, unclaimed wages, or customer deposits that have no activity for the dormancy period (typically 3-5 years). Conducting a regular review of your accounts and financial records can help identify potential unclaimed property.

All 50 states, the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands have unclaimed property laws requiring businesses to report abandoned property. Each jurisdiction has its own specific requirements, dormancy periods, and reporting deadlines.