Stacey Roberts and Connie Zoerink, from TaxOps’ SALTovation Team, continue their mini-series about transaction taxes with talk about unclaimed property. While unclaimed property is not a tax, it does fall into the state and local tax area.
What You Will Discover:
- [00:47] What is unclaimed property
- [01:50] Reporting requirements
- [03:39] States can audit unclaimed property
- [04:55] Reporting deadlines
- [06:01] Where to go to find out if you have money owed to you
Quotables:
- “Unclaimed property is actually not a tax, but it typically falls in the state and local tax area just because it’s something that is reportable or claimable from every state.” - Connie Zoerink [01:29]
- “Like you said, it’s not a tax, but it’s a reporting that taxpayers really need to be aware of, and in some cases, this could be low-hanging fruit for some states.” - Stacey Roberts [04:42]