Unclaimed Property Notice ReportsOctober 2021 Tax News
The Franchise Tax Board is authorized to share certain information with the State Controller's Office (SCO) to facilitate administration of Unclaimed Property Law. The following article by SCO provides information regarding reporting and resources for businesses that are required to report under the Unclaimed Property Law. If you have any questions about this information, please contact the SCO using the resources provided in this article.
Unclaimed Property Notice Reports due before November 1
California Unclaimed Property Law requires businesses to review their books and records annually and report any property to the state when there has been no activity for a period of time, generally three years for most properties and one year for payroll. Common types of unclaimed property include uncashed checks, payroll, commissions, customer refunds, and vendor payments.
Businesses are required to submit an unclaimed property Notice Report to the State Controller’s Office (SCO) before November 1, 2021 (before May 1, 2022 for life insurance companies). The Notice Report is the first unclaimed property report in California’s two-report process. This report consists of two items: a Universal Holder Face Sheet (UFS-1) and a complete list of reportable properties.
Important Notice Report reminders:
- Do not send funds or tangible property with the Notice Report. Property is due the following year with the second unclaimed property report, the Remit Report, which is due June 1-15 (December 1-15 for life insurance companies).
- You may submit your Notice Report, consisting of property owner details (in .hde format) and required forms, via email to email@example.com.
- Only send your Notice Report once. Do not send your report by both email and physical mail or email your report more than once.
- Contact us at firstname.lastname@example.org if you need assistance confidentially transmitting your report.
- Reporting software and standard NAUPA II format guidelines are available from the National Association of Unclaimed Property Administrators (NAUPA). The software is free for reports containing fewer than 100 properties and will prepare and encrypt your file in the proper format.
- If property owner social security numbers (SSNs) are in your records, they must be provided. Include complete numbers only; SCO will not accept reports with partial SSNs.
- If you are a holder or agent with multiple reports, contact the Reporting Unit at email@example.com or (916) 464-6284 before submission. Include in your email a spreadsheet with details of all 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 the SCO at firstname.lastname@example.org.