Washington Enacts Amnesty for Unclaimed Property Holders and Other Changes

September 18, 2015

Effective July 1, 2015 to November 1, 2016, Washington Department of Revenue allows qualifying unclaimed property holders amnesty for penalties and interest if they report and remit on unclaimed property by November 1, 2016.  To qualify for amnesty, an unclaimed property holder must (prior to November 1, 2016):

  1. Complete an application for a penalty and interest waiver;
  2. File a report that includes all property for which the waiver is requested; and
  3. Pay and deliver all amounts identified on the report.

All amounts reported, paid, and delivered are subject to verification by the Department.  In addition, an unclaimed property holder may not:

  1. Receive amnesty for any amounts included in an assessment or identified through an investigation or examination;
  2. Seek a refund for any amounts paid or delivered to the Department under amnesty or otherwise challenge whether such amounts were properly due; and
  3. Receive amnesty for any amounts paid, delivered, or reported to the department prior to July 1, 2015.

In addition, effective and beginning July 1, 2016, unclaimed property holders must file and pay all reports electronically.  The Department of Revenue may relive any holder from these requirements for good cause as determined by Department.

For regarding penalty changes and administrative changes regarding unclaimed property, click here.

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