![]() ![]() With the Money Match program rolling out this month, residents who are matched with an unclaimed property valued at less than $2,000 will have a check cut and mailed to them. They work with the Department of Revenue … When you pay your taxes and you swear that you’re Joe Smith and you live on 1234 Street, here’s my Social Security number - if we run a match on all the tax dollars in the state and find a property in our database that matches, we’re just going to mail a check.” We found other states have an innovative approach. You can advertise, you can make phone calls, people just think it’s a scam or, for whatever reason, they just won’t claim their money. “A lot of people just won’t claim their money. If you think you are holding unclaimed property, or you are not sure if you may have such exposure, we would be happy to assist you.“We have nearly $3 billion in money that belongs to Illinois citizens,” Frerichs said. The MichaelSilver professionals have extensive experience assisting clients in properly reporting unclaimed property. Entities currently under examination by the ISTO or an agent of the ISTO are ineligible to participate. In exchange for voluntary compliance, the ISTO will forgo the right to assess penalties and interest on past-due unclaimed property. These audits can be time-consuming because of the significantly long look-back period of 13 years.Ī Voluntary Disclosure Agreement (VDA) program allows businesses with compliance issues from prior periods to become compliant. The department also conducts actual audits with the help of outside third-party auditors. This requires you to review your prior years’ records and self-report all unclaimed property found during the audit period. Recently, more ISTO audits have been initiated as online self-audits. ![]() The Illinois State Treasurer’s Office (ISTO), can audit all years for which an unclaimed property report was not filed. Illinois requires an attempt be made to contact and return the funds to the true owner before remitting the funds to Illinois. We recommend that you annually review your records as of each December 31st for all old outstanding checks, customer deposits, credit balances, and the like and attempt to return the funds to the true owner.All unclaimed property reports are to be filed electronically at.It is required that supporting records are maintained for a minimum of 13 years.Such payments unclaimed from calendar 2021 should be included on your report due on May 1, 2023. Uncashed payroll, commission, bonus, and reimbursement checks, or other compensation for personal services must be reported after being outstanding for only one year.Business-to-business transactions are considered unclaimed property which includes payments to vendors and service providers. ![]() However, general purpose cards that charge fees or have expiration dates remain reportable unclaimed property when not used for five years.
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