In accordance with Alabama Unclaimed Property statutes, The State Treasurer’s Office, serving as the administrator of the Alabama Unclaimed Property Program, now offers a reporting program which allows a business to avoid possible interest and penalties by voluntarily complying with Alabama Unclaimed Property Reporting laws. This agreement, once executed, establishes a mutual consent which allows a business to report and remit unclaimed property and comply with state statutes without concern of interest and penalties in conjunction with reporting of past due unclaimed property. In order to qualify for this program, the reporting business must meet the following requirements:
- The reporting business must not be currently under audit by any company contracted by the State of Alabama for past due unclaimed property reporting, and no inquiry into determining the unclaimed property reporting liability has been made by the Treasurer.
- The reporting business desires to voluntarily comply with unclaimed property laws of the State of Alabama by disclosing and remitting unreported unclaimed property due to the Alabama Treasury and settle issues with respect to such property.
To access the Alabama Voluntary Disclosure Agreement, click here