If you think you are holding unclaimed property, or you are not sure if you may have such exposure, we would be happy to assist you.Humility, perseverance, and creativity. The MichaelSilver professionals have extensive experience assisting clients in properly reporting unclaimed property. Entities currently under examination by the ISTO or an agent of the ISTO are ineligible to participate. In exchange for voluntary compliance, the ISTO will forgo the right to assess penalties and interest on past-due unclaimed property. These audits can be time-consuming because of the significantly long look-back period of 13 years.Ī Voluntary Disclosure Agreement (VDA) program allows businesses with compliance issues from prior periods to become compliant. The department also conducts actual audits with the help of outside third-party auditors. This requires you to review your prior years’ records and self-report all unclaimed property found during the audit period. Recently, more ISTO audits have been initiated as online self-audits. The Illinois State Treasurer’s Office (ISTO), can audit all years for which an unclaimed property report was not filed. Illinois requires an attempt be made to contact and return the funds to the true owner before remitting the funds to Illinois.
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