Deadline Nears for Unclaimed Property Holders to Initiate Voluntary Disclosure Agreement and Avoid Penalties

MADISON – Many businesses are unaware of legal requirements for sending the Wisconsin Department of Revenue (DOR) uncashed payroll checks, unclaimed customer refunds, and other unclaimed property they hold.

Under law, businesses, organizations, or governmental units holding unclaimed property in Wisconsin have through February 28, 2023, to initiate an unclaimed property voluntary disclosure agreement with DOR. The agreement program guides participants through the process and allows them to turn over to DOR without penalties property from the previous five years. There are exceptions and participants are asked to carefully review requirements found on DOR’s Unclaimed Property Voluntary Disclosure page and its
Unclaimed Property Holder Report Guide.

Businesses and other unclaimed property holders are encouraged to apply now to ensure enough time to complete the required due diligence process, and holder report and payment submissions.

More information about DOR’s unclaimed property program is available on the DOR Unclaimed Property page.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.