The big fall filing season is coming up fast. Many states have filing due dates of October 31st or November 1st. Are you ready? If not, don't panic. You may be able to file an extension request to buy more time. The states will take your request into consideration. Extensions are granted based on ‘good cause'. Make sure you communicate the reason you need an extension.
Most states will grant an extension if you request one at least 30 days before the normal report due date. The amount of extra time you can get to prepare your filing varies by state. Georgia and Iowa will allow up to 90 days. Massachusetts allows a maximum of 60 days. Some states just say the treasurer may postpone the due date.
Be aware that some states allow you to delay reporting, but they still expect payment on time. For example, New York expects you to pay 75% of the estimated report value, if known. If not known, they want you to pay 75% of the previous year's report value.
You can find extension information by visiting the states' websites. I was able to find extension forms for most states in the ‘Forms' section of their sites. For other states, I had to look at the wording of their unclaimed property laws. If you're looking through the law, there is usually a section titled ‘Report and Delivery of Abandoned Property'. Look in this section for extension information.
Here are links for several states that have a form you can fill out and send.
Author: Danielle Herring
Product Manager, UPExchange
Labels: UP Reporting Tips
