On June 30 of each year, business owners in Texas need to determine whether they are holding abandoned property: \u00a0property for which they have had no contact with the owner for the applicable abandonment period and their whereabouts are unknown.<\/p>\n
For most business owners the most common financial assets will be outstanding payroll, accounts payable, or refund checks. \u00a0For payroll checks, the abandonment period is one year. \u00a0For other checks the period is three years.<\/p>\n
The reports are due November 1 and no extension of time to file is available. \u00a0Effective for the 2010 reporting cycle, which just ended, holders reporting to Texas are required to mail a notice in July to all owners of property over $250 that are due to be included in their November report. \u00a0Here is a sample letter: \u00a0Due Diligence Letter<\/a>.<\/p>\n The Texas Comptroller is able to go back ten years to look for unreported unclaimed property. \u00a0Although the Comptroller is holding the property for the rightful owner, \u00a0the state wants to be the one holding the property rather than the business owner. \u00a0 Although there is no legal limit to make a claim, the state can invest this money much as lenders use escrow funds to make money on your money.<\/p>\n Investigate outstanding checks and contact vendors or employees on a regular basis so that you will limit your exposure to the unclaimed property regulations.<\/p>\n","protected":false},"excerpt":{"rendered":" On June 30 of each year, business owners in Texas need to determine whether they are holding abandoned property: \u00a0property for which they have had no contact with the owner for the applicable abandonment period and their whereabouts are unknown. For most business owners the most common financial assets will be outstanding payroll, accounts payable, … Continue reading Those darn outstanding checks<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[404,23,22],"class_list":["post-438","post","type-post","status-publish","format-standard","hentry","category-local-taxes","tag-local-taxes","tag-texas-comptroller","tag-unclaimed-property"],"_links":{"self":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts\/438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=438"}],"version-history":[{"count":3,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts\/438\/revisions"}],"predecessor-version":[{"id":441,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts\/438\/revisions\/441"}],"wp:attachment":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}