FAQS:
Reporting Property
What qualifies as reportable unclaimed property from a business?
- Tangible contents of safe deposit boxes from financial institutions.
- Intangible property such as checking and savings accounts, wages or commissions, money orders, expired State of Alabama issued checks/warrants, money orders, insurance proceeds, underlying shares, mutual funds, account balances, general ledger items, court proceeds, dividends, customer deposits, credit balances, refunds, and any other funds or accounts payable distributable or due to a person or entity.
How long must a business maintain records associated with an unclaimed property report?
Alabama law mandates that a business must maintain records containing information required to be included in the report for a period of ten years after the report is filed with the state.
Does Alabama offer a voluntary reporting (amnesty) program?
In an ongoing effort to assist businesses with compliance, the State of Alabama does offer an amnesty program (Voluntary Disclosure) for businesses reporting past due unclaimed property. Once executed, this agreement establishes a mutual consent which allows the business to report and remit past due unclaimed property and comply with state statues without concern of interest and penalties for the property associated with the agreement.
Read more about the Voluntary Compliance Program and download the Voluntary Disclosure Agreement.
Does the State of Alabama require negative reporting?
No – negative reports are NOT required. If you have nothing to report, there is nothing to do!
What time period should my business filing cover?
The period beginning July 1st and ending June 30th of the year preceding your report.
When are business reports due to the State of Alabama?
Annually by November 1st