This page addresses key areas of interest regarding Georgia unclaimed property and escheatment laws and regulations.
Key Georgia Unclaimed Property Reporting Deadlines
Holders of unclaimed property, other than insurance companies, must file unclaimed property reports to the Georgia Department of Revenue before November 1st. Insurance companies must file their reports before May 1st.
Businesses may obtain an extension of up to 90 days by submitting a written request at least 30 days prior to the reporting deadline and must include an estimated filing date and the reason for the extension. Companies who do not have any unclaimed property to report are still required to submit a negative report.
Georgia Due Diligence Requirements
Georgia requires property holders to notify owners prior to submitting a report to the Georgia Department of Revenue. Holders are required to send due diligence letters for any property that is valued at $50 or more. These letters are sent to the property owner as a means to notify them that their property is being held, and will escheat to the state if no action is taken.
Georgia requires holders to send notifications no less than 60 days, and no more than 120 days prior to filing their unclaimed property reports. Due diligence letters are to be sent by first-class mail to those addresses which the holder’s records do not disclose as inaccurate.
Georgia Record Retention Requirements
Georgia unclaimed property statutes require holders of unclaimed property to maintain records for a period of ten (10) years after the property becomes reportable. In addition, records relating to updated owner addresses shall be retained for a period of ten (10) years.
Georgia Unclaimed Property Links
Georgia Unclaimed Property Reporting Forms
Remittance of Unclaimed Property Georgia Code
Filing Requirements and Returns Forms for Holders of Abandoned Property for Government Entities
Filing Requirements and Report Forms For Insurance Companies
Negative Report Forms and Instructions(UP1N)
What Are the Holes in Your Unclaimed Property Process?
Answer 8 questions to understand your level of unclaimed property risk in as little as 30 secondsWhat's My Risk?
Regardless of how easy a state makes it for property holders to meet reporting requirements, the process can be a drain on your business. If you are uncertain about the rules for unclaimed property, click on the link below for frequently asked state reporting questions.
Confused or Overwhelmed? Need Answers?
The Georgia unclaimed property reporting process can be challenging for holders. If you have questions about Georgia unclaimed property laws and reporting requirements, or you wish to learn more about escheatment, we can help.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.