Tax Central Alert: Matching program instituted for unclaimed property

June 17, 2015|Sarah Evans
The Wisconsin Department of Revenue (DOR) recently announced a new matching program to locate the rightful owners of unclaimed property. After a certain amount of time, a financial asset for which the owner hasn’t been located is considered unclaimed property. The DOR will match the owners of this unclaimed property with income tax records. This matching program pertains to individual property owners – not businesses.

Beginning June 15, 2015, you could receive a notice from the state with a check attached or with instructions on how to file a claim if the state is holding your property. As part of this process, the state also identified those who may owe back taxes or other debts, which will then be deducted from the unclaimed property amount to be paid.

For details on the new DOR matching program, read the Wisconsin Department of Revenue’s announcement.

While this new program helps you collect unclaimed property, the other component of this issue is related to business compliance. If your company is holding property for which you cannot locate the rightful owner, you are required to report it to the state.

If you have questions or need additional information, please contact Sarah Evans at 414-465-5561, or any member of the Schenck State & Local Tax Team at 800-236-2246.