State Controller's Office (SCO)April 2022 Tax News
Unclaimed Property Reporting April 30 Deadline Reminders
April 30, 2022, is the deadline for several critical actions for businesses reporting unclaimed property to the State Controller’s Office (SCO):
- Electronic Funds Transfer Registration Due (Mandatory for Remittance Over $2,000)
Businesses remitting unclaimed property of $2,000 and over are required to transfer funds using Electronic Funds Transfer (EFT), and should establish an EFT account and register with SCO by the end of April. Complete an Authorization Agreement Form EFT-1 (for Automated Clearinghouse [ACH] or International Funds Transfer [IFT] accounts) or Registration Form EFT-3 (for Fedwire accounts) and submit it to the Unclaimed Property Division EFT Help Desk at UPDSCOEFT@sco.ca.gov or fax to (916) 464-6224.
- Holder Due Diligence Notice Time frame Ends
Businesses (except life insurance companies) holding unclaimed property shall send all due diligence notices to owners by the end of April.
- Life Insurance Notice Reports Due
Notice Reports from life insurance companies must be received by SCO before May 1. The Notice Report is the first of the two annual unclaimed property reports.
For more information or to request one-on-one assistance with reporting unclaimed property to the state, contact the Outreach and Compliance Unit with the Unclaimed Property Division of SCO at firstname.lastname@example.org.