Unclaimed property audits have been on the rise recently and we want to remind everyone of the upcoming deadlines and steps that need to be taken for each state’s annual unclaimed property reporting. Even if your practice doesn’t have any unclaimed property to report, your state may still require you to file a “zero” or “negative” report indicating that you don’t have any funds to turn over. Most of the states’ reporting sites will open 10/1/24, with reports due several weeks later.
Report submission due dates:
Oregon: 11/1/24
Alaska: 10/31/24
Washington: 10/31/24
California: 10/31/24
As a reminder, unclaimed property is any uncashed checks paid to vendors, employees, patients or insurance companies (i.e., refunds) and any patient credit balances sitting on your accounts. Please review our previous blog for a more in-depth explanation of unclaimed property. https://www.fluenceportland.com/strategy/unclaimed-patient-refunds
If you’re not already familiar with your state’s reporting procedures, we recommend utilizing their free education tools. Each state is different, and many have updated and changed the systems that they are using. Most states provide a brief informational video providing guidance and instruction for submitting a report. We’ve found that these are extremely helpful when navigating the process of reporting unclaimed property.
Links to each state’s reporting site:
Oregon: https://unclaimed.oregon.gov/app/submit-a-report
Alaska: https://unclaimedproperty.alaska.gov/app/submit-a-report
Washington: https://ucp.dor.wa.gov/app/submit-a-report
California: https://hrp.sco.ca.gov/
If you have any questions about your practice’s filing, please reach out to your client manager.