Vrakas CPAs, Here Are Your Articles for Wednesday, March 02, 2022
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Wisconsin Unclaimed Property Voluntary Disclosure Agreement

 

Wisconsin recently enacted 2021 Wis. Act 87  which provides for a one-time unclaimed property voluntary disclosure program that runs from February 1, 2022 through February 28, 2023. Businesses, organizations, and government entities that have unclaimed property to report, can utilize the voluntary disclosure to report and deliver the property without penalties. You are eligible if you meet the following:

  • You have unclaimed property to report from any of the five most recent reporting periods
  • You have not been audited for unclaimed property since July 1, 2016 or received a notice of an upcoming audit
  • You do not have a balance due on an existing unclaimed property holder account

To apply, go to the unclaimed property homepage: https://www.revenue.wi.gov/Pages/UnclaimedProperty/Home.aspx and click on the Voluntary Disclosure Agreement Application in the Holders section.

See the following resources for additional help:

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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