What to Know About Unclaimed Property Reporting as an Idaho Business Owner

When it comes to this report, it’s helpful to know what can be considered unclaimed property to make the process more efficient. These can include:

• Uncashed checks
• Unpaid wages
• Unredeemed gift certificates
• Unclaimed shares of stocks
• Terminated insurance policies
• Unused bank accounts

Most unclaimed property presents itself through intangible items, but can also be a tangible safe box. If your business has any of these, you are considered a holder, meaning you are holding property that is deemed abandoned or hasn’t been claimed by the actual owner.

The Reporting Process

When it comes to reporting, following this guide can help you complete the report with accuracy and efficiency. You can also work with an Idaho accountant to ensure all of the information is in order. 

1. Identify Unclaimed Property

You can easily identify and report unclaimed property through https://yourmoney.idaho.gov/, an online portal for all of these needs. As a business owner, review your records for any possible unclaimed property within your organization. This will make you a holder until given to the state. 

2. Due Diligence

You must investigate and verify who the rightful owner of the property is. Ensure that you are doing this before reporting it to the state. 

3. Report 

Once you are ready to report, you can upload it electronically through the website provided above. Make sure that your report is in NAUPA format and that names and addresses are provided. If your business isn’t holding anything, file a zero report.

Idaho Regulations 

The federal law turns over requirements and regulations as the state’s responsibility. Many of the requirements are the same, with some variations in each state. 

Dormancy Period

In general, Idaho’s dormancy period for unclaimed property is 5 years. However, with certain property types, they can vary. For example, the wage dormancy period is one year and the traveler’s checks are fifteen years. 

Report Deadline

The reporting deadline for all unclaimed property in Idaho is November 1st. This includes all aspects of the process discussed previously. 

Penalties for Non-Compliance 

If you fail to adhere to the rules and regulations, then you may be penalized. These penalties can either be in the form of a 12% interest rate or a greater risk of being audited. 

Cooper Norman is Here to Help 

At Cooper Norman, we understand the Idaho Laws regarding unclaimed property. We also understand how many responsibilities you may have as a business owner. We are more than willing and capable of helping you maintain accuracy during the process, complete internal auditing, navigate any reporting issues, and everything in between. Contact us today to get started!