The State of New Jersey has always required businesses to complete an annual report identifying items of property that are deemed abandoned. The report is designed to aid taxpayers with outstanding property to report and turnover such property to the state. This report is due on last day of October, claiming all property deemed abandoned as of June 30th of that year.
Unclaimed property consists of tangible and intangible items that have not been claimed by the owner for a specific period of time. Examples include customer credit balances, uncashed payroll or accounts payable checks, as well as many others. Please visit New Jersey’s website for specifics as to when property is deemed abandoned.
Additionally, all businesses that are incorporated or have a business presence in the state are required to complete a report regardless of whether or not they have unclaimed property to report. This report, known as a negative report, is due October 31st. There is no fee associated with filing a negative report, although penalties of $200 per day and interest may accrue for failing to file.
In order to meet your business’s filing requirements, please visit the Unclaimed Property Administration’s website.
For additional information click here.