Got Unclaimed Property?
Do you or your business have property, such as uncashed checks or A/R credits, which belong to someone else? Have you tried and tried to find the rightful owner and can’t? Well unfortunately, it’s not yours to keep! This is what’s known as “unclaimed property.” If you do have unclaimed property, you are required to turn the property over to the state. Many years ago, the government decided that the states were better equipped to be the “custodians” of unclaimed property. All unclaimed property must be turned over to the state and the state would be responsible for returning the property to its rightful owner. One of the challenging elements of unclaimed property is determining to which state the property should be remitted.
Think this all sounds like too much work? Yes….but, the states impose penalties for each business day a holder fails to report, pay or deliver unclaimed property, up to a maximum penalty. This isn’t something to ignore.
Important unclaimed property dates:
- August 31st – The holder of unclaimed property that is due to an owner in Alabama is required to send written notice to the owner at the last known address at least 60 days before the unclaimed property report is due.
- November 1st – Alabama unclaimed property report is due.
Guess what?? YOU may have unclaimed property that is due to you!! The National Association of Unclaimed Property Administrators has set up a website to assist individuals and businesses in locating unclaimed property. The website is www.naupa.org. On this webpage is a map of the United States. Just click on any state and it will redirect to that state’s unclaimed property website where you can search for property that may belong to you or your business. If you do find something, there will be instructions on how to make your claim. Remember, search any state in which you or your company has had an address. Happy hunting!
If you have questions regarding unclaimed property or you would like for us to prepare your annual reports, please contact the BMSS State and Local Tax Services professionals at (205)982-5500.