Is your business in compliance with the unclaimed property reporting requirements? States are looking into unclaimed property more closely than in recent years.
What is unclaimed property? Unclaimed property is property that a business is holding that belongs to someone else. After the business has held the property for a certain period of time, the business is required to remit the property to the state. The state will hold the property until the rightful owners can claim the property. The legal term for unclaimed property is escheat. Here are some examples:
- Uncashed payroll and vendor checks
- Accounts receivable credit balances
- Dormant bank and brokerage accounts
- Gift certificates and gift cards
- Customer refunds and rebates
Different types of property are required to be held by the business for different lengths of time. This is referred to as the dormancy or holding period. The following is a chart listing dormancy periods for unclaimed property in Georgia:
| Type of Property | Dormancy Period |
| Wages | 1 year from payday |
| Company liquidation proceeds | 1 year from sale date |
| Safe deposit boxes | 2 years from drilling date |
| Money orders | 7 years from issue date |
| Travelers checks | 15 years from issue date |
| All other property | 5 years from last contact |
The state of Georgia requires that an annual report be filed with the Georgia Department of Revenue. Even if a business does not have any unclaimed property, a negative report will have to be filed with the Georgia Department of Revenue.
Click here to see if your business or if you personally have any unclaimed property.
Unclaimed property has become such a hot topic recently that even Good Morning America is reporting on the matter. View this segment from Good Morning America that shows how unclaimed property in West Virginia was reunited with its owner.
Please contact us if we can help your business fulfill its unclaimed property reporting requirements or if you have any questions.