Unclaimed Property:
Wisconsin DOR Warns Deadline Nears for UP Holders to Initiate VDAs and Potential Penalty Relief
Release: Deadline Nears for Unclaimed Property Holders to Initiate Voluntary Disclosure Agreement and Avoid Penalties, Wis. Dept. of Rev. (11/30/22). The Wisconsin Department of Revenue (Department) issued a release stating that i) many businesses are “unaware of legal requirements” for sending to the Department uncashed payroll checks, unclaimed customer refunds, and other unclaimed property they hold, and ii) businesses, organizations, or governmental units holding unclaimed property in Wisconsin have through February 28, 2023, to initiate an unclaimed property voluntary disclosure agreement (VDA) with the Department. According to the release, the VDA program guides participants through the underlying process and allows them to turn over to the Department “without penalties” unclaimed property from the previous five years, with some exceptions. To this end, businesses and other unclaimed property holders are “encouraged to apply now to ensure enough time to complete the required due diligence process, and holder report and payment submissions.” Please contact us with any questions.
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