The State of Washington Department of Revenue is sending out letters to companies stating that they have not received the required 2019 Unclaimed Property Report. It appears that these letters are targeted to holders that previously reported unclaimed property to the State of Washington but may have discontinued reporting to the State or changed their reporting protocols. Washington does assess penalties and interest for late reporting and reports not filed electronically. As noted on the letter these penalties are as follows:
- 10% of the amount due for not filing an unclaimed property report by the due date
- 10% of the amount due for not paying or delivering unclaimed property by the due date
- 5% of the amount due for not filing and paying electronically
If you receive a letter such as this double check your unclaimed property reporting for the state of Washington to ensure full compliance. If you’re unsure about your compliance or the implications of this letter, reach out to an unclaimed property expert, like Keane.
This letter goes on to detail the instructions for reporting unclaimed property, verifying that you have reported unclaimed property, filing a negative unclaimed property report and informing Washington that you have closed your business. Detailed Washington unclaimed property instructions are available online at ucp.dor.wa.gov. You can also call 360-534-1502 or email [email protected] with any questions.