Unclaimed Property – Did you Know?
Did you know….that if you are holding uncashed, outstanding payroll checks on your employees older than 1 year or Accounts Payable (AP) and Accounts Receivable (AR) older than 5 years, then the funds must be either returned to their rightful owner or turned over to the custody of the State of Colorado Unclaimed Property Division.
Under Colorado law businesses, not-for-profits and government agencies are required to turn over property to the State whenever the property owner cannot be found. The unclaimed property, if not returned to rightful owner, must be turned over to the custody of the Division by November 1st of each year.
If you have further questions please contact us: 303.415-2555 or hilderbrandwhitetax.com.
Kristie Hilderbrand-White
Hilderbrand White Tax & Accounting
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