Business owners stay on time by reviewing records each year, notifying owners, and filing and paying each state by its deadline. Unclaimed property is money or other property a business holds for someone else. That transfer to the state is called escheatment.
It applies to tangible or intangible property left unclaimed after its dormancy period. The California State Controller's Office says holders must review records each year and report property that remains unclaimed. Missed steps can create penalties, so owners need a calendar, cutoff tracking, and a notice routine.
Table of Contents
- Which deadlines belong on your calendar?
- What about spring deadlines?
- When does property become reportable?
- Did you notify the owner first?
- What checklist keeps you compliant?
Which deadlines belong on your calendar?
Most states use a fall cycle with annual reports and payment due before November 1, according to the National Association of Unclaimed Property Administrators' Utah reporting page. Put November 1 on your calendar as the default, then check each state where you hold property.
California does not follow a single fall payment. All non-life-insurance businesses file a notice-only report before November 1, then remit funds June 1-15, according to the California State Controller's Office reporting page. Life insurers file before May 1 and remit December 1-15.
What about spring deadlines?
Texas holders that possess reportable property on March 1 must deliver it with the required owner report on or before the following July 1, under Texas Property Code Section 74.301. Mark March 1 as your Texas snapshot date and July 1 as your delivery date.
Delaware holders face a spring deadline of March 1. State of Delaware news and 2026 enforcement analysis describe reminder and verified-report or audit notices around that date. If you do business in Delaware, treat March as audit season, not just a filing date.
When does property become reportable?
Dormancy sets the cutoff. General business credits, vendor checks, and receivables commonly carry about three years. Payroll wages and some utility deposits carry only about one year, according to the Brickley DeLong summary and Indiana and Texas guides.
That gap means owners and payroll need separate tracking. Run one aging report for vendor and customer items. Run a second aging report for wages and deposits with a shorter cutoff.
Did you notify the owner first?
Before escheating, holders must mail due-diligence notice to owners at the last known address. New York requires first-class mail about 90 days before filing, according to the New York State Comptroller's due-diligence guide. California requires notice 6-12 months before reporting, according to the California State Controller.
Build notice time into your calendar. A fall filing often means summer or earlier mailings. Keep mailing proof with the account record.
What checklist keeps you compliant?
Use the same sequence each year in each holder state. Request an extension before the due date if you need one. California requires extension requests at least 30 days before the due date, according to the California State Controller.
- List every state where you hold customer, vendor, payroll, or deposit funds.
- Age each liability by dormancy type, with payroll on a shorter track.
- Mail owner notices on time and keep addresses and receipts.
- File the owner report and remit payment by that state's date.
- Document extensions, late interest, and penalties, which reach up to 100 dollars per day in Texas and Ohio, according to Texas Comptroller and Ohio materials.