Do holders need to report small amounts of unclaimed property even when the cost of research and reporting exceeds the property value?
Yes, all unclaimed property should be reported. Below are some tips that may reduce costs. For small credits or outstanding checks, it is as easy to transfer them to a liability account as an income account. Transfer unclaimed property “candidates” to an unclaimed property liability account to simplify research and reporting. If you have a specific issue, contact our staff. Holders may request to delay reporting abandoned property until they have a reasonable amount to report sending an e-mail requesting permission.
Yes, all unclaimed property should be reported. Below are some tips that may reduce costs. • For small credits or outstanding checks, it is as easy to transfer them to a liability account as an income account. • Transfer unclaimed property “candidates” to an unclaimed property liability account to simplify research and reporting. If you have a specific issue, contact our staff. • Holders may request to delay reporting abandoned property until they have a reasonable amount to report by sending an e-mail requesting permission.
