Treasury to honor a 60-day grace period for late reporting by businesses
Harrisburg, PA - The Pennsylvania Treasury Department recognizes the substantial disruption that businesses are experiencing, as a result of coronavirus mitigation efforts. For that reason, Pennsylvania Treasurer Joe Torsella today announced that unclaimed property holders in Pennsylvania will not incur any penalties, fines, or assessments of interest for late filed reports and property received by the Department on or before June 15, 2020.
“As a society, public health has to be our highest priority. It is going to take all of us making difficult decisions and sacrifices to fight the spread of coronavirus in our communities. These are unprecedented circumstances, which is why I’m waiving all penalties for late unclaimed property reporting for businesses in Pennsylvania.”
Pennsylvania State Treasurer, Joe Torsella
Under Pennsylvania law, businesses are required to report any unclaimed property to the Department by April 15. In light of significant disruption to business operations, the Department is waiving all penalties for late reporting until June 15, 2020.
Unclaimed property is any financial asset that has gone unclaimed for a period of time, usually three years. Each year, Treasury receives millions of dollars worth of unclaimed property—items such as abandoned bank accounts, forgotten stocks, uncashed checks and contents of safety deposit boxes. Treasury serves as custodian of the property until its rightful owner comes forward to claim it. The value of unclaimed property is available for claim to its rightful owner in perpetuity.