Deadline for unclaimed property holders to avoid penalties approaches

The DOR said many businesses are unaware of the legal requirements to turn over property.
The DOR said many businesses are unaware of the legal requirements to turn over property.
Published: Nov. 30, 2022 at 7:18 PM CST
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MADISON, Wis. (WMTV) - The Wisconsin Department of Revenue is reminding businesses that the deadline is approaching to initiate voluntary disclosure agreements and avoid penalties.

The DOR said many businesses are unaware of the legal requirements to turn over property.

Businesses are required to send in uncashed payroll checks, unclaimed customer refunds and other unclaimed property they hold.

Under law, businesses, organizations or governmental units holding unclaimed property in Wisconsin have through Feb. 28, 2023 to initiate a voluntary disclosure agreement with the DOR.

The voluntary disclosure allows businesses to turn documents over to the DOR without penalties from the previous five years.

Participants are asked to carefully review requirements found on the DOR’s disclosure webpage and report guide.

Businesses are encouraged to apply now to give enough time to complete the required due diligence process and holder report and payment submission, according to the DOR.

More information can be found here.

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