Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please Type Topic Into Search Bar

To what state should I report my uncashed payroll checks

Abandoned and unclaimed property
User Photo
Chris Snedeker
You should report to your domicile state.
Reply 454 weeks ago
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Noel Hall, Jr., MSF, CPA
Pursuant to three U.S. Supreme Court cases, the Court articulated two bright-line rules for the proper reporting of abandoned and unclaimed property, which has pretty much stayed intact for decades.

In this example uncashed payroll checks are reported as follows:

1. the property would first be reported to the state of the owner's last known address as shown on the books and records of the holder (the company that issued the check).

2. If the name and complete mailing address sufficient for the delivery or mail is unknown, then the property must be reported to the state of legal domicile (state of formation or incorporation) of the holder.

After numerous rounds of litigation over the proper jurisdiction to report and remit abandoned and unclaimed propety, the Court attempted to make reporting requirements unambigous for companies faced with what is often viewed as a massive adminstrative burden. Feel free to contact me directly with any further questions.
Leave a Comment 449 weeks ago

User Photo
Chris Snedeker
Where you live
Leave a Comment 454 weeks ago

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today