Most states have annual reporting deadlines. Common deadlines include:

• October 31/November 1: Many states including California, Texas, and Florida
• April 30: New York and New Jersey
• March 1: Illinois and Michigan
• May 1: Delaware Always check with your specific state's unclaimed property office for the most current deadlines, as they can change.

Due diligence involves attempting to contact the property owner before reporting the property to the state. This typically requires sending a letter to the last known address of the owner. The letter must include specific information about the property and instructions on how to claim it. Most states require due diligence letters to be sent 60-120 days before filing reports.

You should maintain records of:

• Original owner information (name, last known address, SSN/TIN)
• Property details (amount, type, date of last contact)
• Due diligence efforts (copies of letters sent, dates, responses)
• Copies of filed reports
• Documentation of property delivery to states

Most states require businesses to maintain unclaimed property records for 5-10 years after filing reports. However, some states have longer retention requirements. Since audits can look back 10+ years, maintaining records for at least 10 years is a good practice.

Common types include:

• Uncashed payroll or vendor checks
• Customer credit balances or refunds
• Unused gift cards or certificates
• Dormant customer accounts
• Unresolved accounts receivable credits
• Insurance payments or refunds
• Abandoned security deposits
• Unclaimed wages