This page addresses key areas of interest regarding Iowa unclaimed property and escheatment laws and regulations.
Key Iowa Unclaimed Property Reporting Deadlines
Iowa has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit on or before October 31st. Holders of unclaimed demutualization proceeds are to report by April 30th. Early reporting is permitted with prior approval from the unclaimed property division. Negative reports are not required by Iowa.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Iowa’s unclaimed property laws and regulations. Holders reporting to Iowa are required to submit their reports electronically via the state’s website.
Iowa Due Diligence Requirements
Iowa requires holders to send due diligence notifications for any property with a value of $50 or more.
Holders must send due diligence letters each reporting cycle to the apparent owner at the last known address and provide at least 30 days for the owner to respond. Banks and financial institutions must send due diligence letters by certified mail.
This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.
Iowa Dormancy Periods
Dormancy periods in Iowa vary by property type. Generally, most property types have a 3 year dormancy period.
Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property type. Dormancy periods in Iowa for common property types include:
- Wages, Payroll or Salary: 1 year
- Accounts Payable: 3 years
- Refunds Due: 3 years
Iowa’s Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in Iowa and other states. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Iowa and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
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.