Illinois Ramps Up Unclaimed Property Enforcement. Illinois, like many states across the US, holds a significant amount of unclaimed property – money or assets that haven’t been accessed by their rightful owners for an extended period. This can include dormant bank accounts, uncashed checks, refunds, and even stocks or dividends. To ensure these funds are returned to their rightful owners, the Illinois Treasurer’s Office (ITO) enforces compliance with state unclaimed property laws.
Recent years have seen a rise in enforcement efforts by the ITO. This translates to millions of dollars being returned to individuals with unclaimed property owed to them. As part of these ongoing efforts, the ITO recently sent unclaimed property outreach letters during the first quarter of 2024. These letters targeted hundreds of businesses headquartered or operating within Illinois.
The ITO identifies businesses that haven’t complied with the state’s unclaimed property program or reporting requirements. It’s important to understand that most Illinois businesses are obligated to file an unclaimed property report with the state, even if they currently hold no unclaimed property. These reports, known as “negative reports,” simply notify the state that there are no outstanding funds to be claimed.
If your business receives one of these enforcement letters from the ITO, it’s crucial to seek professional guidance. PEACC.com, reachable at 410.303.5510, has the expertise to help you understand the letter, respond appropriately, and ensure compliance with Illinois unclaimed property regulations.
Failing to file unclaimed property reports can lead to significant penalties. Understanding these potential consequences is crucial for any business operating in Illinois. By working with professionals and taking proactive steps towards compliance, businesses can avoid these penalties and contribute to reuniting rightful owners with their unclaimed assets.
As Illinois Ramps Up Unclaimed Property Enforcement, staying on top of unclaimed property law changes can be a challenge. Just do it!