1. When are holder reports and payments due?
2. What happens if I do not file a timely report?
3. What happens if I do not pay or deliver property on time?
4. How long do I retain records to file my report?
5. What can I use to prepare my holder report?
6. Where can I get help for preparing my holder report?
7. Can I file my holder report online via UPExchange?
8. Can I aggregate properties?
9. What are my payment options for my holder report?
10. Do I need to mail documentation to the department after I file my holder report?
11. How do I file a negative report?
12. I have virtual currency to report and deliver to DOR. When should I convert the virtual currency to U.S. currency?
13. I sent the owner a due diligence letter and received a response as indication of owner interest in the property. Is the property presumed abandoned and required to be reported and delivered to DOR?
14. Can I report a Funeral Trust if the beneficiary is not deceased?
15. Can I report earlier if the property owner dies prior to reaching the dormancy period?
16. Why was my payment taken twice?
17. How long after reporting can claimants claim their UCP that was remitted?
18. Do I only have to report property over $50?
19. Am I required to send individual payments for each property on the report?
20. What should I do if I found additional properties after I have already submitted my report?

1. When are holder reports and payments due?

   All holder reports and payments are due by November 1 for the filing period ending June 30.

2. What happens if I do not file a timely report?

   You will be subject to a late penalty of $150. Additionally, if you do not file timely upon written request by DOR, you may be subject to a penalty of $100 for each day the report is not filed.

   You can request a 60-day extension during September and October prior to the November 1 annual deadline through My Tax Account.

3. What happens if I do not pay or deliver property on time?

   You will be subject to a penalty equal to 15% of the value of the property. Additionally, if you do not timely pay or deliver property upon written DOR request, you may be subject to a penalty of $100 for each day the property is not paid or delivered.

4. How long do I need to retain records used to file my report?

   Records must be retained for 10 years after the date on which the report was filed or the date on which the report was due, whichever is later.

5. What can I use to prepare my holder report?

   Holder reports must be submitted electronically using one of the following methods:

   1. My Tax Account to manually enter all property information.
   2. Attach a standard NAUPA Report file prepared with commercial software such as UPExchange or HRSPro.
   
   

   Please see Options for Holder Reporting for links to the commercial software.

6. Where can I get help for preparing my holder report?

   See Publication 82, Unclaimed Property Holder Report Guide, and our holder report instructional videos for reference. If you have questions after reviewing the holder guide or videos, call (608) 264-4594 or email DORWIHolderReports@wisconsin.gov.

7. Can I file my holder report online via UPExchange?

   Yes.

8. Can I aggregate properties?

   Only if the properties are less than $5 each and if the owner is unknown.

9. What are my payment options for my holder report?

   Payments may be made via My Tax Account using ACH Debit.

10. Do I need to mail documentation to the department after I file my holder report?

    Do NOT send ANYTHING on paper after you file your holder report. No paper documents are needed, and no notary verification is required. All paper documents received will be destroyed.

11. How do I file a negative report?

    Financial institutions, utility companies, and life insurance companies with a physical presence in Wisconsin must file a holder report even if no unclaimed property is reported. These are known as negative reports. A negative report can be easily filed using the manual filing option in My Tax Account.

12. I have virtual currency to report and deliver to DOR. When should I convert the virtual currency to U.S. currency?

    Virtual currency needs to be liquidated within 30 days prior to the November 1 due date of the report. Any holder that meets this requirement is considered to have delivered the property in good faith and is relieved of liability arising thereafter upon a claim for such property by the owner. See sec. Tax 10.01, Wis. Adm. Code.

13. I sent the owner a due diligence letter and received a response as indication of owner interest in the property. Is the property presumed abandoned and required to be reported and delivered to DOR?

    No. Recent owner interest shows the property is not abandoned yet, so the presumption does not apply. Such property is not required to be reported and delivered to DOR until the specified period of time has elapsed (dormancy period) since the last indication of interest by the apparent owner of the property has occurred.

14. Can I report a Funeral Trust if the beneficiary is not deceased?

    No. Funeral Trusts and Burial CDs are not to be turned over if the beneficiary is living. These items should only be reported after the named beneficiary has died, and no heir has come forward or been located.

15. Can I report earlier if the property owner dies prior to reaching the dormancy period?

    Yes, you must allow reasonable time for an heir to come forward; 6 months to a year is considered reasonable.

16. Why was my payment taken twice?

    If you included payment information while filing your report and then clicked on make a payment after submitting your report, you have now requested for your payment to be withdrawn twice.

17. How long after reporting can claimants claim their UCP that was remitted?

    Usually within 24 hours after the funds have cleared and the report has been submitted.

18. Do I only have to report property over $50?

    No, all property needs to be reported. Any property $50 or more requires a due diligence letter.

19. Am I required to send individual payments for each property on the report?

    No, one payment should be made for each report or FEIN.

20. What should I do if I found additional properties after I have already submitted my report?

    You should file a new report for just the additional properties.

Applicable Laws and Rules

This document provides statements or interpretations of the following laws and regulations enacted as of December 5, 2024: secs. 177.0210, 177.0307, 177.0402, 177.0404 and 177.1204, Wis. Stats.

Laws enacted and in effect after this date, new administrative rules, and court decisions may change the interpretations in this document. Guidance issued prior to this date, that is contrary to the information in this document is superseded by this document, according to sec. 73.16(2)(a), Wis. Stats.

The department welcomes your input on our guidance. Submit comments on this guidance document.

Guidance Document Number: 100153

December 5, 2024