Washington State Department of Revenue, Unclaimed …

Washington State Department of Revenue, Unclaimed Property

Guide to Reporting Unclaimed Property

Important information

Administrative changes

Beginning July 1, 2015, a new law made several changes to how the Department of Revenue administers unclaimed property (Senate Bill 6057 Part XXI; Chapter 6 Laws of 2015): 77 Removes the requirement to report abandoned gift certificates as unclaimed property 77 Allows the Department of Revenue to publish a notice to owners of unclaimed property

in a general circulation printed or online newspaper 77 Removes the requirement of the Department of Revenue to mail notices to apparent owners

of unclaimed property if the address on file is insufficient 77 Keeps confidential any information gathered during audits of unclaimed property holders 77 Establishes a three-year statute of limitations for assessment enforcement actions 77 Creates a refund process for businesses who overpaid, including interest and penalties 77 Establishes an administrative review process and continues to allow a holder to contest

Department actions through superior court 77 Clarifies the Department of Revenue's authority to enter into settlement agreements

with unclaimed property holders

Electronic filing and payment now required

Beginning July 1, 2016, unclaimed property holders must file and pay electronically (RCW 63.29.170 (5)(a)). The Department of Revenue may waive this requirement for any holder.

Penalty changes

Beginning July 1, 2017, the Department of Revenue will begin assessing penalties (RCW 63.29.340): 77 5 percent penalty for not filing and paying electronically when required 77 10 percent penalty for not filing an unclaimed property report by the due date 77 10 percent penalty for not paying or delivering unclaimed property by the due date 77 10 percent assessment penalty 77 5 percent penalty for not paying an assessment by the due date

Penalty and interest waiver

To request to have penalties and interest waived, an unclaimed property holder must complete the steps below (RCW 63.29.340):

1 Send a written request to ucp@dor.. Please include the name of the business and

Federal ID Number (FEIN) in your request.

2 File a report that includes all property. 3 Pay and deliver all amounts identified on the report.

Table of contents

Frequently asked questions..........................................................................1 Five steps to report.......................................................................................2 Due diligence................................................................................................3 Electronically file your report.........................................................................4

Create a NAUPA II file.........................................................................4 File your report on the Department of Revenue's website..................4 File by CD or disc................................................................................5 Filing negative reports...................................................................................6 Safe deposit box reporting............................................................................7 Securities and mutual funds..........................................................................8 Property category code table......................................................................10 Abandonment periods.................................................................................12 Report year conversion tables....................................................................13 Revised Code of Washington 63.29 Uniform Unclaimed Property Act ......14 Contact information.....................................................................................27

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