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Briefs

The following Briefs are provided to assist you with questions you may have in regards to reporting and remitting your unclaimed property to the Commonwealth of Virginia. If you have further questions after reading a particular brief, please call Bill Dadmun at (804) 225-2547 or you can e-mail him at William.Dadmun@trs.virginia.gov.

General Information  This brief discusses the who, what, why and where of unclaimed property and provides definitions for some commonly used terms.

Due Diligence  Prior to reporting property to the Commonwealth as being abandoned, the holder must attempt to contact the owner. This brief discusses the rationale behind the requirement for performing due diligence.

Dormancy Periods  To assist holders of property in determining when property must be reported to the Commonwealth, the Act states specific guidelines regarding the length of time that an account can remain dormant before it is presumed to be abandoned. This brief provides a chart of the dormancy requirement time frames and links to the appropriate code sections determining them.

The Audit/Compliance Review Process  This brief advises you on the process used when an audit or a compliance review is required.

Service Charges  If you apply service charges to accounts which may be reportable as unclaimed property, read this brief!

Promotional Incentives  This brief discusses the applicability of promotional incentive exemptions to rebates.