HARRISBURG – Concurrent with the annual tax deadline, businesses must file unclaimed property reports with the Pennsylvania Treasury Department, Pennsylvania Treasurer Robin L. Wiessmann reminded today.
“It is important that all businesses file their annual unclaimed property report with Treasury, even if they have no property to report,” Treasurer Wiessmann said. “That’s why we are reaching out to remind businesses that April 15 is not just the tax deadline – it’s also the unclaimed property filing deadline.”
All financial institutions, government agencies, or other businesses, organizations and entities, also known as holders, are required to file unclaimed property reports and remit unclaimed property to Treasury on an annual basis. Even those who have no unclaimed property are required to file a report with Treasury.
Unclaimed property is any financial asset that has been left with a business or organization without activity or contact for a period of about five years. Some examples of unclaimed property include: bank accounts, uncashed payroll checks, accounts payable or receivable checks, credit balances, expired gift cards, savings and checking accounts, escrow accounts, money orders, travelers checks, utility refunds, insurance proceeds, stocks and bonds.
Similar to tax filing, unclaimed property reports for the previous calendar year are required to be submitted by April 15.
According to Pennsylvania’s Abandoned and Unclaimed Property Act, any holder that does not file a report by April 15 may be subject to interest and penalties. First-time filers are required to report unclaimed property for the current dormancy periods and all unclaimed property from dormancy periods of prior reporting years.
To make the reporting process as convenient as possible, 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 electronic reporting software. Treasury recommends that unclaimed property reports be filed electronically; however, if businesses have no property or less than ten accounts to report, a paper report may be submitted.
Treasury has a team of compliance professionals who can answer questions about unclaimed property reporting and help file unclaimed property reports. For assistance, call the toll-free reporting hotline at 1-800-379-3999, or e-mail unclaimedpropertyreporting@patreasury.org. Guest speakers are also available to provide an overview of unclaimed property reporting and address issues relevant to specific industry types.
The Pennsylvania Treasury Department, under the leadership of Treasurer Robin L. Wiessmann, acts as the Commonwealth’s bank, serving as custodian, investor and disburser of the Commonwealth’s funds. Treasury also offers a variety of programs and services that help Pennsylvanians find money with the Unclaimed Property program, save money with the nowU College Savings Program and the KeystoneHELP low-interest loan program, or invest money with the INVEST program for local governments and nonprofits. For more information about Treasurer Wiessmann and the Pennsylvania Treasury Department, visit www.patreasury.org.
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