Reporting Unclaimed Property
Did you know that employers are required to file an annual report regarding unclaimed property?
What is unclaimed property?
Unclaimed property means property held by an organization who has not had contact with the owner for an extended period of time. Property is usually considered unclaimed after three years, when it is turned over to the state of Washington. Banks, retailers, credit unions, utilities, corporations, insurance companies, and governmental entities are some of the many sources of unclaimed property.
The Department of Revenue is the custodian for unclaimed property and administers an unclaimed property program to find the rightful owners.
Unclaimed property includes:
Bank accounts.
Insurance proceeds.
Stocks, bonds, and mutual funds.
Safe deposit box contents.
Utility and phone company deposits.
Uncashed checks, such as payroll, insurance payments, or traveler's checks.
Customer/patient credits.
Unclaimed property does not include real estate, vehicles, and most other physical property.
Search for unclaimed property and learn more here
What is a holder?
A holder is any organization who may owe money or property to an individual or business. When the holder cannot find the owner, the unclaimed property must be reported. Common holders are:
Banks and Financial Institutions.
Businesses.
Other legal entities (city, county, and state governments).
Do holders have to file if there is nothing to report?
Yes, a negative report is required.
What is a Negative Report?
A negative report is a report for businesses with no unclaimed property to file.
Manual Report
If you have a small number of properties to report, you can enter them individually into the state's online system.
Larger files will be uploaded with a NAUPA report.
Holder reports are due annually on October 31.
The Department of Revenue will assess the following penalties under Revised Code of Washington (RCW) 63.29.340:
10% penalty and interest for failure to report and deliver property by the due date
5% penalty for failure to report and deliver property electronically.