AND NOW -- UNCLAIMED PROPERTY
This is one of those business requirements that owners are unaware of. What do you do with that uncashed payroll check? Void it and keep the money? NO! The state gets it at some point. This can be a big audit hit -- both on your financial audit and on any state audit. I'm happy to help your company with this filing (and with the research necessary to document your process).
ARE YOU AN UNCLAIMED PROPERTY HOLDER?
What is Unclaimed Property? Unclaimed property can be any financial asset or safe deposit box contents that has been abandoned by the property owner for one or more years. How does this apply to my business? Businesses and government entities doing business with Texans are Holders. Holders are statutorily required to file an annual report to the Texas Comptroller’s office for unclaimed property. Reports are filed online. What if we have nothing to report? If you have no unclaimed property to report, please file a negative report using our online manual reporting function. Examples of unclaimed property are:
abandoned bank accounts
payroll and vendor checks
unredeemed gift cards