Virginia Treasury Returns Millions Each Year in Unclaimed Property!
Make Sure Your Business is in Compliance with Unclaimed Property Reporting Laws.
The Virginia Department of the Treasury Unclaimed Property Program is here to protect the property interests of citizens through efforts to promote compliance with The Unclaimed Property Act. By promoting compliance, this program not only protects the rights of the absentee owner but also relieves businesses of the liability and record keeping obligations. In addition, this program has multiple efforts in place to reconnect citizens with their assets that have been escheated to the Commonwealth of Virginia. Since this program was started, Virginia Treasury has returned over $1 billion to citizens in unclaimed property. Any legal or commercial entity such as corporations, businesses, government entities, public corporations, etc. are responsible for reporting unclaimed property.
Unclaimed property refers to dormant or inactive accounts that are considered abandoned and subject to the state’s custody as abandoned property under The Unclaimed Property Act. Unclaimed property can be uncashed checks, such as payroll or dividend checks, refunds, customer overpayments, dormant or inactive bank accounts, stocks, insurance payments, security deposits, safe deposit box contents, etc.
It is important to note that reporting is mandatory and not reporting can result in penalties or fees. Reporting unclaimed property is an annual process, and businesses are merely the custodians for the property and cannot retain it as revenue.
May 1st of each year is the reporting deadline for insurance companies to file, while November 1st of each year is the deadlines for most businesses, corporations, etc. to file.
Virginia Treasury has made the reporting process easy on their free website www.vamoneysearch.gov.
The Virginia Department of the Treasury Unclaimed Property Program is committed to promoting compliance with The Unclaimed Property Act, and businesses must do their part in this process to ensure that the rights of the absentee owner are protected, and citizens are reconnected with their assets.
Virginia Treasury Unclaimed Property Program is here to reunite rightful owners with their unclaimed property. 1 in 4 Virginians has unclaimed property in our system. Are you the 1?Businesses, individuals, estates, trusts, etc. may have unclaimed property. Follow the easy instructions on www.vamoneysearch.gov to find your missing money and file your claim today.
Added on January 24, 2024 by Virginia Chamber of Commerce to Chamber News
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