003 Understanding and Reporting Unclaimed Property as a Business
In today’s episode of the Your Tax Teacher Podcast, I discuss the responsibility of businesses to report unclaimed property to the States in addition to the taxes and tax returns due September 17, 2012.
For business reporting unclaimed property, I discuss the steps a business needs to take to report unclaimed property. These steps are:
Review your books to determine if you have unclaimed property
If you are holding unclaimed property, send out a due diligence letter to the individual or other business owner informing them that they you may be holding unclaimed property that belongs to them. The letter has information on the letter on how to claim the unclaimed property from your business.
Send the unclaimed property to the individual if the claim form is valid.
Otherwise report the unclaimed property to the State(s)
I also discuss State unclaimed property audits and voluntary disclosures.
For more information, assistance, or if you have questions about unclaimed property, please send me an email to firstname.lastname@example.org.
If you have other questions about unclaimed property, send me an email to email@example.com as well.
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