HARRISBURG (February 5 )– In keeping with the recent tax deadline extension issued by the federal and state governments, the Pennsylvania Treasury Department announced today that it is extending its Annual Unclaimed Property Filing deadline to April 17, 2007.
“Holders of unclaimed property are required by Pennsylvania’s Abandoned and Unclaimed Property Act to file a report with Treasury each year,” said Mary Beth Stringent, Director of the Bureau of Unclaimed Property. “Because our deadline is the same as the federal and state income tax filing deadline, Treasury is also issuing an extension to April 17.”
The federal Internal Revenue Service (IRS) recently issued the federal income tax deadline extension because April 15 falls on a Sunday and April 16 is Emancipation Day, a legal holiday in the District of Columbia. The Pennsylvania Department of Revenue followed suit in issuing a one-day extension for 2007 state income tax returns.
Unclaimed property is any financial asset that has been left with a “holder,” such as a bank, insurance company or other business or organization, without activity or contact for a period of about five years. Some examples of unclaimed property include bank accounts that become inactive; stocks and bonds whose owners cannot be found; contents of safe deposit boxes that become dormant; insurance proceeds; and expired gift cards that are not redeemed.
If businesses or organizations have unclaimed property remaining on their books unresolved, they must be reported. Holders are required by law to file an unclaimed property report with the Treasury Department each year, even if they have no property to report. These reports follow the same schedule as tax returns. Treasury has the authority to assess penalties and interest to any holder who does not file a report by April 17. For the April 17, 2007, deadline only, however, Treasury is offering amnesty from penalties and interest to businesses and organizations that file an unclaimed property report for the first time, allowing holders that have never filed before to come into compliance without incurring penalties or interest charges. However, this amnesty applies only to first-time reports filed directly with Treasury, and not through a third party reporting agent.
Businesses and organizations can visit www.patreasury.org, and review laws governing unclaimed property reporting, print reporting instructions and forms, and access a free link to HRS Pro reporting software. Treasury staff can help businesses and organizations determine if they have unclaimed property and assist them in filing their reports. Holders can call (800) 379-3999, Monday through Friday, 8 a.m. to 5 p.m., or email unclaimedpropertyreporting@patreasury.org. To find out if Treasury is holding unclaimed property in your name, contact the Bureau of Unclaimed Property toll-free at (800) 222-2046, or search the Unclaimed Property database at www.patreasury.org.
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