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New York Reduces Reach Back Period for Unclaimed Property Voluntary Compliance Program


Unclaimed Property

New York has reduced the reach-back period for unclaimed property holders that participate in the state’s unclaimed funds voluntary compliance program. Eligible organizations that hold unclaimed funds, but haven’t filed required reports, are invited to participate in the program. Prior to January 1, 2017, unclaimed property holders were subject to a reach-back period going back to the 1996 report year. Under the revised guidelines applicable to those who enroll in the program after January 1, 2017, the reach-back period on general ledger items has been shortened to the 2007 report year. General ledger items included in the program include unclaimed wages, accounts payable checks, refund checks, merchandise credits and gift certificates.  Eligible participants must not have been contacted about an audit for New York State, and be a first-time reporting organization or have not reported the particular type of property in the past. For more details on how to participate in the program, visit the New York State Comptroller website. (Office of the New York State Comptroller website)

(01/31/2017)
(New)
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