2021 Wisconsin Act 87 New law gives unclaimed property holders through February 2023 to apply for a voluntary disclosure agreement.
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nder new Wisconsin laws (2021 Wis. Act 87), all businesses, organizations and governmental units holding unclaimed property in Wisconsin are given the opportunity to apply for an Unclaimed Property Voluntary Disclosure Agreement (VDA) with the Wisconsin Department of Revenue (DOR). Unclaimed property holders can submit an application from Feb. 1, 2022, through Feb. 28, 2023, by following these three steps: 1. Go to DOR’s Unclaimed Property page at revenue.wi.gov/UCP. 2. Under the Holder section, select the Voluntary Disclosure Agreement Application link. 3. Complete and submit the Voluntary Disclosure Agreement application. Unclaimed property specialists are available to help: • Through online live chat on DOR’s Unclaimed Property page at revenue.wi.gov/UCP • By email at DORWIHolderReports@wisconsin.gov • By phone at (608) 264-4594
Program details The voluntary disclosure program: • Increases awareness of requirements to report unclaimed property to DOR. • Helps unclaimed property holders come into compliance with the law by reporting unclaimed property to DOR without late filing fees and penalties. The property holder must follow requirements under the completed agreement by: 1. First attempting to locate the property owner within 30 days.
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2. Submitting a holder report and remitting unclaimed property within 120 days. 3. Continuing to report and deliver for at least the next four reporting periods.
Who must report unclaimed property? In general, any business, organization or governmental unit that holds property or money unclaimed by the owner for a period specified by law must report and deliver that property to DOR if they are unable to contact the owner. Common unclaimed property holders include: • Banks • Businesses • Credit unions • Governments • Insurers • Mutual funds • Savings institutions • Security brokerages • Utilities
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