Blank Illinois Unclaimed Property Reporting PDF Form

What is the purpose of the Illinois Unclaimed Property Reporting form?

The Illinois Unclaimed Property Reporting form, known as UPD601, is designed for businesses and organizations to report any unclaimed property they may be holding. This requirement stems from the State of Illinois Uniform Disposition of Unclaimed Property Act. Each year, holders must review their records to identify any property that has been abandoned or unclaimed for a specific period, typically five years, and report it to the Illinois State Treasurer's Office.

Who is required to file the UPD601 form?

Any business or organization that holds unclaimed property must file this report. Common holders include financial institutions, insurance companies, retailers, and government agencies. If your organization has not filed before, you will need to indicate that it is your first time filing. Regardless of whether you have unclaimed property to report, you must still submit the UPD601 form annually.

What information is needed to complete the UPD601 form?

To complete the UPD601 form, you will need to provide basic information about your organization, including its name, mailing address, and federal employer identification number (FEIN). You must also include the type of report being filed (first time, supplemental, or annual), contact information for a representative, and details about the unclaimed property, such as the total assets and annual sales. Additionally, you will need to verify the accuracy of the report by signing it.

What should I do if I do not have any unclaimed property to report?

If your organization does not hold any unclaimed property, you should still file the UPD601 form by marking "NTR" (Nothing to Report) in the payment information section. This negative report is important for compliance and ensures that you fulfill your reporting obligations.

How can I submit the UPD601 form?

You have several options for submitting the UPD601 form. You can file it electronically using reporting software if you have more than ten records. Alternatively, you can submit a paper copy along with any required attachments. If you choose to file electronically, ensure that you save your report on a CD or diskette, as reports on tape media are not accepted. For paper submissions, send the completed form to the address provided for the Unclaimed Property Division.

What happens if I submit an incomplete report?

Submitting an incomplete report can lead to penalties and fees. The Illinois State Treasurer’s Office requires that all fields in the UPD601 form be completed accurately. If your report is found to be inaccurate or lacking essential information, it may be deemed non-compliant, which could result in additional charges as specified by the Unclaimed Property Act.

What types of property must be reported?

Property that has been abandoned for five years or more is generally reportable. This includes various types of property held by businesses, such as bank accounts, uncashed checks, insurance benefits, and utility deposits. Specific rules may apply depending on the type of holder, and organizations should consult the guidelines to determine which properties need to be reported.

How can I contact the Unclaimed Property Division for assistance?

If you have questions or need assistance with the UPD601 form, you can contact the Unclaimed Property Division by calling (217) 524-0023. Their office hours are Monday through Friday from 8:00 AM to 4:30 PM Central Time. Additionally, you can find more information on the Illinois State Treasurer's website, which provides resources and guidance for completing the reporting process.

1. Incomplete Information: Failing to fill out all required sections of the form can lead to an incomplete report. This may result in unnecessary fees and penalties. Always double-check that every section is filled out correctly.

2. Incorrect Report Type: Selecting the wrong type of report can cause confusion. Ensure you indicate whether it’s a first-time filing, a supplemental report, or an annual report. This distinction is crucial for proper processing.

3. Missing Due Diligence: Not performing due diligence prior to filing can lead to issues. You must send due diligence letters to property owners 60 to 120 days before submitting your report. This step is required for items over $10.00.

4. Payment Method Errors: Failing to accurately complete the payment information section can delay processing. Be sure to check the appropriate payment method box and provide accurate amounts for cash, shares, and owners.

When filing the Illinois Unclaimed Property Reporting form, several other documents may be required to ensure compliance and accuracy. These documents help provide necessary details about the unclaimed property and the organization reporting it. Here are some forms and documents that are commonly used alongside the UPD601:

• Annual Remittance Detail Form (UPD602): This form is used to report specific details about each owner's unclaimed property. It includes owner information, property type codes, and account numbers, ensuring that all relevant details are captured.
• Due Diligence Letters: These letters must be sent to property owners before filing the report. They inform owners about unclaimed property and provide them with an opportunity to claim it, as required by law.
• Property Type Code Chart: This chart categorizes various types of unclaimed property. It helps organizations identify and report the correct type of property they are holding.
• Verification Statement: This statement is included to confirm that the information provided in the report is accurate and that the person signing the report is authorized to do so.
• Payment Instructions: These instructions outline how to remit cash, stocks, or bonds to the Illinois State Treasurer. They ensure that payments are processed correctly and efficiently.
• Delivery Instructions: This document provides guidelines on how to submit the report and any accompanying payments. It includes details on mailing addresses and acceptable delivery methods.
• Negative Report Form: If an organization has no unclaimed property to report, this form can be submitted to indicate that there is nothing to report, ensuring compliance with reporting requirements.

Each of these documents plays a crucial role in the reporting process. Ensuring that they are completed accurately and submitted on time can help avoid potential penalties and facilitate a smoother reporting experience.

The Illinois Unclaimed Property Reporting form (UPD601) shares similarities with several other important documents used in various reporting and compliance contexts. Below is a list of nine documents that have comparable structures or purposes:

• IRS Form 1099: This form is used to report income other than wages, salaries, and tips. Like the UPD601, it requires detailed information about the entity filing, including identification numbers and contact information.
• W-2 Form: Employers use this form to report wages paid to employees and the taxes withheld. Both forms require accurate reporting of financial data and must be verified by an authorized individual.
• State Sales Tax Return: This document reports sales tax collected by businesses. Similar to the UPD601, it includes detailed reporting of financial transactions and requires submission by a specific deadline.
• Business License Application: When applying for a business license, entities must provide information about their operations and ownership. This parallels the UPD601's requirement for basic organizational details and verification of information.
• Annual Corporate Report: Corporations must file this report with the state to maintain their good standing. It shares similarities with the UPD601 in terms of required information about the business structure and authorized signatories.
• Tax Exemption Application: Nonprofits seeking tax-exempt status must submit detailed information about their operations and finances. Like the UPD601, this application requires thorough documentation and verification.
• Financial Statements: Businesses prepare these documents to summarize their financial performance. Both financial statements and the UPD601 require accurate reporting of financial data, including assets and liabilities.
• Property Tax Assessment Form: This form is used to report property values for tax assessment purposes. Similar to the UPD601, it requires detailed property information and is subject to review by a governing authority.
• Loan Application: When applying for a loan, businesses must provide comprehensive financial information. This process mirrors the UPD601 in that it demands accuracy and verification from an authorized representative.

When filling out the Illinois Unclaimed Property Reporting form, here are four important dos and don'ts:

• Do ensure you complete the report in its entirety. Incomplete reports may lead to penalties.
• Don't forget to perform due diligence. Send letters to property owners 60 to 120 days before filing.
• Do use the correct forms. The UPD601 must be submitted regardless of whether you have unclaimed property to report.
• Don't submit reports on tape media. Only use paper forms or a properly formatted diskette or CD.

• Misconception 1: Only large companies need to file the report.

This is not true. Any business or organization that holds unclaimed property must file a report, regardless of its size. This includes small businesses and non-profits.

• Misconception 2: You only need to report unclaimed property once.

In reality, the report must be filed annually. Each year, businesses should review their records to determine if they have any unclaimed property to report.

• Misconception 3: The report is optional if there is no unclaimed property.

This is incorrect. The Annual Report of Unclaimed Property must still be filed even if there is nothing to report. You simply mark "NTR" in the payment information section.

• Misconception 4: You can file the report at any time during the year.

The report has specific deadlines. Businesses must file by the required dates to avoid penalties. It’s essential to be aware of these deadlines each year.

• Misconception 5: You do not need to perform due diligence if you have unclaimed property.

Due diligence is a legal requirement. Businesses must send letters to property owners between 60 and 120 days before filing the report for items over $10.00.

• Misconception 6: You can submit the report in any format.

This is misleading. The report must be submitted using the specific forms provided by the Illinois State Treasurer's Office, either in paper or electronic format as per the guidelines.

• Annual Reporting Requirement: Businesses and organizations must review their records each year to determine if they possess any unclaimed property. This is mandated by the State of Illinois Uniform Disposition of Unclaimed Property Act.
• Due Diligence: It is essential to issue due diligence letters to property owners between 60 and 120 days before filing the report. This is a requirement for all items valued over $10.00.
• Reporting Methods: Holders reporting more than ten records must use electronic reporting software. Alternatively, paper forms can be submitted, but they must be completed accurately to avoid penalties.
• Verification and Signature: The report must be signed by an authorized employee certifying the accuracy of the information provided. An unsigned report will be returned, causing delays in processing.