Getting Everyone On Board the Compliance Train!

This is an Unclaimed Property FAQ written by Unclaimed Property Unit Manager Mary Celentani on our blog, wistatetreasury.wordpress.com

One of the Treasurer’s responsibilities is to ensure that all Wisconsin businesses are in compliance with the unclaimed property law and reporting requirements. Unfortunately, many corporate entities and sole proprietors are not aware of the reporting requirements and may rely on their professional consultants, such as attorneys or certified public accountants, to ensure compliance in government-related reporting matters.

With all the recent national coverage of unclaimed property outreach efforts and activities, Treasury staff members have been contacted by corporate compliance officers, CPAs, accounting firms and law offices asking for assistance in helping their clients get into compliance with unclaimed property laws.

The Treasury is taking a few steps to help explain the unclaimed property law and reporting requirements. The Treasury already has a “2011 Holder Reporting Guide” and the Unclaimed Property Statues available on our website. Postcards were sent to over 13,000 medium to small Wisconsin businesses in late spring to increase awareness at the corporate level. In addition, Treasury staff members have been focusing on identifying businesses that are the owners of unclaimed property, and sending claims and postcards to demonstrate the mutual benefits of all Wisconsin businesses complying with the law.

Shannon Churchill, the Treasury’s Holder Reporting Coordinator will be featured in a website video explaining the importance of compliance, how to use the reporting software options, and the annual reporting deadline. Step-by-step video instructions for use of the web-based UPExchange software will also be available on our website next month.

Also being planned for later this year are live webinars featuring Treasury staff, unclaimed property experts and reporting software representatives to answer questions from the business community. Invitations will be sent to CPAs and law firms with a high volume of corporate clients. If you would like to participate in the webinars, please contact Shannon at (608) 264-6997 or[email protected].