{"id":111335,"date":"2025-02-26T14:19:31","date_gmt":"2025-02-26T14:19:31","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/its-time-to-report-unclaimed-property-in-oregon-washington\/"},"modified":"2025-02-26T14:19:31","modified_gmt":"2025-02-26T14:19:31","slug":"its-time-to-report-unclaimed-property-in-oregon-washington","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=111335","title":{"rendered":"It’s Time to Report Unclaimed Property in Oregon & Washington"},"content":{"rendered":"


\n<\/p>\n

\n

Overview of Unclaimed Property Laws<\/h3>\n

Unclaimed property laws began in the United States as a consumer protection program, and they have evolved to protect not only the owners but also their heirs and estates. All states and some U.S. territories have laws requiring companies to report and remit various types of property that have been unclaimed or dormant for a period of time.<\/p>\n

What is Unclaimed Property?<\/h3>\n

Unclaimed property refers to financial assets that have been abandoned by the rightful owner after a period of inactivity, typically including uncashed checks, unclaimed payroll checks, credit memos and accounts receivable credit balances and refunds, dormant accounts, securities, and more. Businesses holding unclaimed property are required by state law to report and remit these assets annually, generally to the state of the owner\u2019s last known address based on the holder\u2019s books and records. If address information is unavailable, the property is reportable to the holder\u2019s state of incorporation or domicile. Some states even require negative filings, or $0 due reports.<\/p>\n

Increased Compliance Efforts by States<\/h3>\n

In recent years, states have increased their compliance efforts through outreach, such as invitations to report and self-directed reviews, voluntary disclosure programs, and audits. Unlike the IRS and most states, which typically have 3-4-year audit periods for income and sales taxes, the audit period for unclaimed property may be up to 15 years or more.<\/p>\n

Reporting Deadlines and Requirements<\/h3>\n

In Oregon and Washington, the annual deadline for filing unclaimed property reports is November 1. However, the states differ in how long certain types of property should be dormant before they must be reported. For example, uncashed payroll checks should be reported after one year. To comply, businesses need to identify potentially reportable items, perform due diligence to contact the owners, and submit a report using the state\u2019s electronic filing system.<\/p>\n

Penalties for Non-Compliance<\/h3>\n

Failing to report unclaimed property can result in penalties, including interest on the amount owed and additional fines. To avoid these penalties, businesses should review their records regularly, conduct necessary owner outreach (due diligence), and prepare unclaimed property reports before the deadline.<\/p>\n

Not Sure if You\u2019re Compliant? Perkins Can Help.<\/h3>\n

Staying compliant is essential to avoid audits and penalties. If you need help navigating the unclaimed property process, please get in touch with our state and local tax (SALT) leader, Sonjia Barker<\/a>, or your Perkins advisor.<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"

Overview of Unclaimed Property Laws Unclaimed property laws began in the United States as a consumer protection program, and they have evolved to protect not only the owners but also their heirs and estates. All states and some U.S. territories have laws requiring companies to report and remit various types of property that have been […]<\/p>\n","protected":false},"author":1,"featured_media":111338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[12843,907,13269,33257,14928,50026,10930,4005,17929,33260,50027,7356,19351,29548,11097,1231,50033,50028,50029,50030,14139,50031,50032],"dealstore":[],"offerexpiration":[],"class_list":["post-111335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-accounting","tag-business","tag-oregon","tag-oregon-tax-law","tag-property","tag-public-accounting","tag-report","tag-salt","tag-small-business","tag-state-and-local-tax","tag-state-unclaimed-property-reporting","tag-tax","tag-tax-news","tag-tax-planning","tag-taxes","tag-time","tag-unclaimed","tag-unclaimed-property","tag-unclaimed-property-reporting","tag-unclaimed-property-reporting-requirements","tag-washington","tag-washington-state-tax-law","tag-washington-tax-law"],"yoast_head":"\nIt's Time to Report Unclaimed Property in Oregon & Washington - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=111335\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It's Time to Report Unclaimed Property in Oregon & Washington - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Overview of Unclaimed Property Laws Unclaimed property laws began in the United States as a consumer protection program, and they have evolved to protect not only the owners but also their heirs and estates. 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