Unclaimed Property - Outline for Reporting

Guidelines for Reporting Unclaimed Property

Begin your review process now to determine if you are holding reportable property.

Need a refresher? See below for FAQs & links to your state's program.

Step 1: Review records to identify unclaimed property.

Uncashed Payroll Checks, Refund Checks & Patient Account Balances issued between 07/01/21 – 06/30/22.

We can assist with identifying voided checks. Email Sarah at smartin@ka-cpa.com before

June 30th to request this special project (not included in monthly retainer).

Step 2: July - August 2025 - Mail Due Diligence letter to property owner by September 1st.

Send via first class mail to owners with property valued at $100 or more.
Letter should include the following:
Description of the property including account number.
A statement explaining that state law requires holders of unclaimed property to report and remit such property.
The date that the property will be reported to the Unclaimed Property Division if there is no owner contact.

Step 3: September - October 2025 - Prepare your report & enter data online.

Online Reporting Tool & Other Resources

Report Due November 1st.

All amounts must be remitted to the state.

The following information is needed (if available): Owners full name, last known address, check numbers with amounts and dates, date of last activity or contact with owner, social security number (SSN) or federal tax identification number (FEIN).

Although "strongly discouraged" property valued at less than $100 may be reported in aggregate. For these, owner details are not reported; however, you should keep a detailed listing for your records.

See Manual Online Reporting Instructions for a step-by-step guide to filing.

Step 4: Before November 1, 2025 - Remit funds due

Delivery of Funds

Frequently Asked Questions

What is Unclaimed Property?

Unclaimed property consists of tangible and intangible property that has been abandoned

for one to five years and includes refunds, wages, bank accounts, utility deposits, insurance policy proceeds, and more.

Examples of property you'll need to report.

Checks you've issued but were never cashed by the recipient; for example: payroll or patient refunds. Also, patient account balances never used nor returned to the patient.

How long should the unclaimed property be dormant before it is reported to the state? There is a specified period of time (based on property type) for property to remain unclaimed before it should be reported to the state. Ranges for the 3 types of property that most apply to you are listed in Step 1. For additional property types, please see "Reporting Guidelines PDF" link below for more information.

What if I have nothing to report!?

You are required to file a zero on what is called a "Negative Report."

Click Here to File

To file a negative report:

Access the Online Reporting tool & click "Upload a Report,"
Enter holder information (your company), report type (Annual Cash Report), report year (2024), Choose "Yes" for Is this a Negative Report & enter $0 as the Total Dollar Amount Remitted.
Follow prompts to complete the submission.

What if I have been in business over a year and have never filed?

A Voluntary Disclosure Program is available to help companies or holders of unclaimed property become compliant if they have not reported in past reporting cycles. In exchange for voluntary compliance penalties and interest will be waived. Click here for more information.

For detailed information:

Visit the Massachusetts' State Treasurer's Unclaimed Property Division's website here.