Wisconsin Introduces Unclaimed Property Voluntary Disclosure Program
The Wisconsin Department of Revenue (“DOR”) has introduced a one-time unclaimed property voluntary disclosure program (“Program”) to encourage businesses, organizations, and governmental units not in compliance with Wisconsin unclaimed property laws to voluntarily come forward to report and remit unclaimed property without penalties. The Program is available for the 13-month period beginning February 1, 2022 through February 28, 2023.
According to the state’s website, to qualify for the Program, all the following must apply:
- The company has unclaimed property to report from any of the five most recent reporting periods
- The company has not been audited for unclaimed property since 7/1/2016, or received notice of an upcoming audit
- The company does not have a balance on its unclaimed property holder account
Under the terms of the Program, to participate a company must:
- Attempt to contact owners of the property within 30 days of execution of the agreement
- Within 120 days of entering into the agreement, electronically file a report and deliver property for at least the five previous reporting periods
- Continue to report and deliver all unclaimed property for at least four future annual reporting periods
You can learn more about the Program and how to apply under the “Holders” tab on the state’s website here.
True Partners will monitor and provide update regarding current developments in unclaimed property that may affect your company.
Given the limited time frame provided in the Program, companies may want to review their records and determine the potential Wisconsin past-due unclaimed property before entering the Program. Please reach out to any member of the True Partners Unclaimed Property Management Team if you have any questions about the Program, how to best prepare for this or any other voluntary compliance opportunities, or any other unclaimed property developments likely to impact your company.