Like previous years, the state of Illinois Treasurer’s Office (“ITO”) has returned millions of dollars to holders with unclaimed property owed to them.
Because of these efforts, Illinois is continuing its compliance reminders and enforcement efforts, including sending unclaimed property outreach letters during the first quarter of 2024 to hundreds of businesses headquartered or located in the state.
These are businesses identified as being non-compliant with the state’s unclaimed property program or requirements.
It should be noted that most companies in Illinois are required to file an unclaimed property report with the state, even if they have no property to report, also known as a “negative report”.
If you receive one of these enforcement letters from the state of Illinois or any state jurisdiction, please contact the professionals at PEACC at 410.303.5510, to discuss how to respond and how to proceed.