Let's say you're reconciling accounts and performing reviews to close your books. You realize you have uncashed checks and/or financial assets (property) you owe a Texas vendor, client, customer or employee (the property owner). You are a Holder.
The first step in reporting unclaimed property is to determine if the property is abandoned. To do that, you'll need to figure out if you've had communication or other business dealings with the property owner during the abandonment period. This period varies according to the property type.
Next, you should send notices to property owners. The notice should state that you (a) are holding the property and; (b) are required to deliver the property to the Comptroller’s office by July 1 if they do not claim their property.
Finally, you are required to submit the owner’s money and/or financial assets along with the owner information in a report to our office. Check out our Reporting Instructions (PDF). After submitting, make sure to retain records of your report for at least 10 years.
Don't have anything to report this year? File a negative report.