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: June 2025 - Review records to identify unclaimed property.

Uncashed Payroll Checks you issued between 07/01/23 – 06/30/24
Uncashed Refund Checks you issued between 07/01/21 – 06/30/22
Unclaimed Patient Account Balances as of 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 - September 2025 - Send written notice to property owner.

Due Diligence Example Letter

Not required for amounts under $50.
Send between 07/01/25 and 09/1/25.

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

Reporting Guide, Online User Manual & Reporting Tool

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).

Property valued at less than $50 may be reported in aggregate. For these, owner details are not reported; however, you should keep a detailed listing for your records.

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

Holder Payment Portal

Payments can be made from a checking or savings account via the Holder Payment Portal.

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.

What if I have nothing to report!?

A zero or "Negative Report" is not required. However a lapse in your filing history could leave you open to audit.

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 don't file?

Penalties will be assessed for noncompliance.

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

Contact the Unclaimed Property Division for information on their Compliance Disclosure Agreement Program. Your admittance into the CDA program will allow you to come into compliance and have any possible penalties waived. Link to more information below.

Compliance Disclosure Agreement (CDA) Program

For detailed information:

Visit the Tennessee Department of Treasury’s website at https://treasury.tn.gov/Unclaimed-Property/Report-Unclaimed-Property/Process-at-a-Glance or select the links below.