Idaho Escheat & Unclaimed Property Laws

Idaho has a fall deadline for annual reporting and remittance. Holders of unclaimed property, must report and remit by November 1. Requests for early reporting must be in writing and must include the reason for reporting early. As of 2018, Idaho requires electronic reporting. Negative reports, which are required, must also be filed electronically.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Idaho’s unclaimed property laws and regulations.

Idaho Due Diligence Requirements

Idaho requires holders to send due diligence notifications for any property with a value of $50 or more. Holders must send due diligence letters each reporting cycle to the apparent owner at the last known address, not more than 120 days prior to the filing due date.

This notice should inform the owner of the nature of the property and how to recover it. It should also inform the owner that the property will be turned over to the state unless the owner claims it from the holder before the report is filed.

Idaho Informal Voluntary Disclosure Agreement

Idaho does not have a formal voluntary disclosure program. However, businesses that voluntary come forward and are granted an “informal voluntary disclosure” will not be subject to penalty.

In order to be eligible for Idaho’s Informal Voluntary Disclosure program, a holder must meet the following criteria:

• The holder is neither under audit at that time nor has been notified of an upcoming audit
• The holder is a first- time reporter. This provision is waived if the property type is new or is associated with the merger or acquisition of a new company.

Idaho Dormancy Periods

Dormancy periods in Idaho vary by property type. Generally, most property types have a five-year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made by the owner for the allotted dormancy period for that property.

Dormancy periods in Idaho for some common property types include:

• Wages, Payroll or Salary: One year
• Checking Accounts: Five years
• Traveler’s Checks: 15 years

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