Is Your Business in Compliance with Illinois?

By: Alisha Vincent, CPA, Supervisor

Porte Brown has seen an increase in audits from Illinois unclaimed property. These audits can go back 10 years and are self-audits. The business is required to review their own records and provide documentation on any unclaimed property.

If you are a business in Illinois, you are required to file Form UPD 602 annually with the Illinois State Treasurer to report and remit any unclaimed property with a three-year dormancy period. If you are not holding any unclaimed property, you are still required annually to file a negative UPD 602. The due date for Form UPD 602 depends on the business conducted. Business associations, utilities and life insurance corporations are required to file reports May 1 of each year. Banking and financial organizations, insurance companies, (other than life insurance) and governmental entities are required to file November 1 of each year.

What Is Illinois Unclaimed Property?

Illinois unclaimed property is unclaimed or abandoned intangible property. Unclaimed property represents an obligation a company is holding for another person or business. It includes such items as checking and saving accounts, certificates of deposit, over payments, insurance checks, payroll checks, utility refunds, money orders, un-cashed checks, dividends, stocks, bonds, contents of safe deposit boxes, and much more.

For most types of property, businesses in possession of unclaimed property will need to report the property after 3 years. Businesses are required to do their due diligence by sending due diligence letters to owners for any property valued at $50 or more.

Whether you are an individual or a business, do you have money out there you didn’t know about? Are you in compliance with the state of Illinois and filing Form UPD 602 annually with the Illinois State Treasurer? Check out the to see if you have left money on the table.

Please contact Kelly Switt or Alisha Vincent with any questions or concerns regarding compliance with Illinois.

Article By: Alisha Vincent

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