If you are a holder of unclaimed property, this applies to you!
Unclaimed property (also referred to as abandoned property) is money or intangible property owed to an individual or business. Property is considered unclaimed after it is held for a period of time with no owner contact, and a good faith effort has been made to locate the owner.
Holders of unclaimed property include financial institutions, corporations, business entities, utility companies, insurance companies, and retailers. Examples of unclaimed property that you may be holding include funds in dormant savings and checking accounts, stocks, uncashed dividend, vendor or payroll checks, trust fund distributions, unredeemed gift certificates, customer overpayments, and security deposits.
In the State of Washington, unclaimed property reports are due on November 1 of each year. Penalty and interest charges apply if reports are not timely filed. Electronic reporting and payment is now required.
If You Have Neglected To Report and Pay Unclaimed Property - Qualifying unclaimed property holders may get a waiver of penalty and interest for prior unreported periods if they report and pay outstanding unclaimed property prior to November 1, 2017. Refer to Washington Department of Revenue Special Notice for complete information on obtaining a waiver.
Businesses holding unclaimed property may visit http://ucp.dor.wa.gov/ for guidelines on how to report and pay unclaimed property.
On the flip side, YOU may wish to check to see if the State is holding money or property that belongs to you, a family member or a friend. Click here to start your search!
About the Author
A former certified public accountant (CPA), Sharon Weathers has 30+ years of experience in both the public accounting arena and the private sector. Her experience ranges from basic bookkeeping and payroll to reporting and tax services for small to medium sized companies. She has a passion for working with local, small businesses and start-ups, women-owned businesses, not-for-profit entities, and those in need of guardianship accounting support.