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Fill Out a Valid Oklahoma Unclaimed Property 496 Up Template

The Oklahoma Unclaimed Property 496 Up form serves as a crucial document for reporting unclaimed property in the state of Oklahoma. It provides a structured way for individuals, corporations, and other entities to report various types of unclaimed property, ranging from account balances and insurance proceeds to mineral interests and utility deposits, as outlined by the Oklahoma State Treasurer's Unclaimed Property Division. With sections dedicated to verification and a checklist that ensures compliance with the Oklahoma Unclaimed Property Law, completing this form is a step towards rightful ownership restoration. If you believe you have unclaimed property, don't hesitate to fill out the form by clicking the button below.

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In the process of managing unclaimed property, organizations across Oklahoma must navigate specific reporting requirements, as detailed in the Form 496-UP, a critical document revised on June 11, 2013, by the Oklahoma State Treasurer Unclaimed Property Division. Businesses, whether they are corporations, banks, insurance companies, or various other entities, must utilize this form to report property presumed abandoned to the state. The form not only mandates the provision of detailed information about the holder, such as name, state of incorporation, date of incorporation, address, and Federal Employer ID# but also specifies the type of unclaimed properties being reported, categorized by property type codes and abandonment periods across various domains including checking and savings accounts, insurance proceeds, IRAs, mineral proceeds, and more. Each category is meticulously outlined to ensure accurate reporting, from court deposits and health savings accounts to stocks, securities, and uncashed checks, with specific abandonment periods varying from one to fifteen years. Additionally, the form serves as a verification and checklist tool, streamlining the process for entities to confirm compliance with state law before submission. It encapsulates a comprehensive approach to unclaimed property reporting, offering clear guidance on the preparation, verification, and filing required to ensure that all unclaimed assets are accurately accounted for and processed according to Oklahoma’s unclaimed property law.

Sample - Oklahoma Unclaimed Property 496 Up Form

Form Number 496-UP -Revision 06/11/2013

OKLAHOMA STATE TREASURER UNCLAIMED PROPERTY DIVISION

REPORT OF UNCLAIMED PROPERT – VERIFICATION AND CHECKLIST

Verification for Period Ended _______________, ______

Provide the name of the holder company reporting for the period indicated. List the prior name(s), FEI(s), or address(es) if the company has had a change in these items during the time period in which it has held the property being reported.

Name ________________________________________________________	State of Incorporation______________________________________
_____________________________________________________________	Date of Incorporation _______________________________________
Address ______________________________________________________	Federal Employer ID#_______________________________________
_____________________________________________________________

Every person, corporation, or other business association, banking or financial organization, life insurance corporation, utility, court or public authority must complete the following checklist before filing their Oklahoma Unclaimed Property Report. This checklist includes by way of illustration, but not limitation, those items which are covered by Sections of the Oklahoma Unclaimed Property Law.

Please complete the checklist by indicating the items being reported. A “Yes” must be enumerated on Unclaimed Property Form 497-UP-2.

			Property Type Codes and Abandonment Periods
					Account Balances Due
Yes	No	Code Description		Yr	Yes	No	Code	Description	Yr
___	___	AC01	Checking Accounts	5	___	___	AC06	Security Deposits	5
___	___	AC02	Savings Accounts	5	___	___	AC07	Unidentified Deposits	5
___	___	AC03	Matured CD or Saving Certificate	5	___	___	AC08	Suspense Accounts	5
___	___	AC04	Christmas Club Funds	5	___	___	AC99	Aggregate Account Balances	5
___	___	AC05	Money on Deposit to Secure Fund	5
					Court Deposits
___	___	CT01	Escrow Funds	1	___	___	CT04	Suspense Accounts	1
___	___	CT02	Condemnation Awards	1	___	___	CT05	Other Court Deposits	1
___	___	CT03	Missing Heirs’ Funds	1	___	___	CT99	Aggregate Court Deposits	1
					Health Savings Plan
___	___	HS01	Health Savings Account	5	___	___	HS02	Suspense Accounts	5
					Insurance
___	___	IN01 Individual Policy Benefits or Claim Payments		5	___	___	IN06	Unidentified Remittances	5
___	___	IN02 Group Policy Benefits or Claim Payment		5	___	___	IN07	Other Amounts Due Under Policy Terms	5
___	___	IN03 Proceeds Due Beneficiaries		5	___	___	IN08	Agent Credit Balances	5
___	___	IN04 Proceeds from Matured Policies,		5	___	___	IN09	Proceeds from Demutualization	2
			Endowments, or Annuities		___	___	IN10	Shares of Stock from Demutualization	2
___	___	IN05 Premium Refunds		5	___	___	IN99	Aggregate Insurance Property	5
				IRA’S (TRADITIONAL/ROTH)
___	___	IR01 Traditional IRA – Cash		7**	___	___	IR05	Roth IRA – Cash	7**
___	___	IR02 Traditional IRA – Mutual Fund		7**	___	___	IR06	Roth IRA– Mutual Funds	7**
___	___	IR03 Traditional IRA – Securities		7**	___	___	IR07	Roth IRA– Securities	7**
** IRA’s are reportable 7 years after the participant has attained the age of 70 1/2.
				Mineral Proceeds and Mineral Interests
___	___	MI01	Net Revenue Interest	5	___	___	MI06	Bonuses	5
___	___	MI02	Royalties	5	___	___	MI07	Delay Rentals	5
___	___	MI03	Overriding Royalties	5	___	___	MI08	Shut‐In Royalties	5
___	___	MI04	Production Payments		___	___	MI09	Minimum Royalties	5
___	___	MI05	Working Interest	5
			Miscellaneous Checks and Intangible Personal Property
___	___	MS01	Wages, Payroll, and Salary	1	___	___	MS11	Refunds Due	5
___	___	MS02	Commissions	5	___	___	MS12	Unredeemed Gift Certificates	5
___	___	MS03	Worker’s Compensation Benefits	5	___	___	MS13	Unclaimed Loan Collateral	5
___	___	MS04	Payment for Goods and Services	5	___	___	MS14	Pension & Profit Sharing Plans	7**
___	___	MS05	Customer Overpayments	5	___	___	MS15	Dissolution or Liquidation	1
___	___	MS06	Unidentified Remittances	5	___	___	MS16	Misc Outstanding Checks	5
___	___	MS07	Un‐refunded Overcharges	5	___	___	MS17	Misc Intangible	5
___	___	MS08	Accounts Payable	5	___	___	MS18	Suspense Liabilities	5
___	___	MS09	Credit Balance ‐ Accounts Receivable	5	___	___	MS99	Aggregate Misc Property	5
___	___	MS10	Discounts Due	5
				Safe Deposit Boxes and Safekeeping
___	___	SD01	Safe Deposit Box Contents	5	___	___	SD03	Other Tangible Property	5
___	___	SD02	Other Safekeeping	5

					Securities
Yes	No	Code	Description	Yr	Yes	No	Code	Description	Yr
___	___	SC01	Dividends	3	___	___	SC13	Funds for Liquidation/Redemption	3
___	___	SC02	Interest (Bond Coupons)	3				of Un‐surrendered Stocks or Bonds
___	___	SC03	Principal Payments	3	___	___	SC14	Debentures	3
___	___	SC04	Equity Payments	3	___	___	SC15	US Government Securities	5
___	___	SC05	Profits	3	___	___	SC16	Mutual Fund Shares	3
___	___	SC06	Funds Paid to Purchase Shares	3	___	___	SC17	Warrants (Rights)	3
___	___	SC07	Funds for Stocks and Bonds	3	___	___	SC18	Matured Bond Principal	3
___	___	SC08	Shares of Stock Returned by Post Office	3	___	___	SC19	Dividend Reinvestment Plans	3
___	___	SC09	Cash for Fractional Shares	3	___	___	SC20	Credit Balances	3
___	___	SC10	Un‐exchanged Stock of Successor Corp	3	___	___	SC21	Common Stock	3
___	___	SC11	Other Certificates of Ownership	3	___	___	SC22	Convertible Securities	3
___	___	SC12	Underlying Shares or Other	3	___	___	SC23	Preferred Securities	3
			Outstanding Certificates		___	___	SC24	Fixed Income Securities	3
					___	___	SC25	Real Estate‐Based Securities	3
				Trust, Investment, and Escrow Accounts
___	___	TR01	Paying Agent Accounts	5	___	___	TR04	Escrow Accounts	5
___	___	TR02	Undelivered or Uncashed Dividends	5	___	___	TR05	Trust Vouchers	5
___	___	TR03	Funds Held in Fiduciary Capacity	7	___	___	TR99	Aggregate Trust Property	5
					Uncashed Checks
___	___	CK01	Cashier’s Checks	5	___	___	CK10	Expense Checks	5
___	___	CK02	Certified Checks	5	___	___	CK11	Pension Checks	5
___	___	CK03	Registered Checks	5	___	___	CK12	Credit Checks or Memos	5
___	___	CK04	Treasurer’s Checks	5	___	___	CK13	Vendor Checks	5
___	___	CK05	Drafts	5	___	___	CK14	Checks Written Off to Income	5
___	___	CK06	Warrants	5	___	___	CK15	Other Outstanding Official Checks	5
___	___	CK07	Money Orders	7	___	___	CK16	CD Interest Checks	5
___	___	CK08	Traveler’s Checks	15	___	___	CK99	Aggregate Uncashed Checks	5
___	___	CK09	Foreign Exchange Checks	5
					Utilities
___	___	UT01	Utility Deposits	1	___	___	UT04	Capital Credit Distribution	5
___	___	UT02	Membership Fees	1	___	___	UT99	Aggregate Utility Property	1
___	___	UT03	Refunds or Rebates	1

Please indicate the primary business activity of your company ________________________________________________________________________

Did you file a report of unclaimed property last year: YES ______ NO ______ If no, please explain: _______________________________________

Holder Contact: ___________________________________________________________________ Telephone Number: ________________________

Claim Person: ___________________________________________________________________ Telephone Number: ________________________

Address:__________________________________________________________________________________________________________________

State of ___________________________________________________:

County of _________________________________________________: SS

I, _________________________________________________________________, being first duly sworn, on oath depose and state that I have caused to be prepared

and have examined this report consisting of ________ pages totaling $ ____________, ______________ shares, and ____________ safekeeping items as to property

presumed abandoned under the Oklahoma Unclaimed Property Law for the year ending as stated, that I am duly authorized to execute this verification by the holder and by law and that I believe that said report is true, correct and complete as of said date, excepting for such property as has since ceased to be abandoned.

Signature ________________________________________________________________ Title _________________________________________________

Subscribed and sworn to before this _______________ day of ___________________________, _________________.

Notary Signature: _________________________________________________________________________________

My Commission Expires the __________________ day of _____________________________, _________________.

Mail reports and make checks payable to:

Oklahoma State Treasurer

Unclaimed Property Division

2300 N Lincoln Blvd., Rm. 217

Oklahoma City, Oklahoma 73105‐4895

Reporting: (405) 521‐4275

▼ PDF

Document Information

Fact	Detail
Form Number	496-UP
Last Revision Date	June 11, 2013
Governing Law	Oklahoma Unclaimed Property Law
Abandonment Periods	Vary across different property types, from 1 to 15 years
Property Type Codes Included	Account Balances, Court Deposits, Insurance, IRAs, Mineral Proceeds, Miscellaneous, Safe Deposit Boxes, Securities, Trust Accounts, Uncashed Checks, Utilities, etc.
Report Submission Address	Oklahoma State Treasurer Unclaimed Property Division, 2300 N Lincoln Blvd., Rm. 217, Oklahoma City, Oklahoma 73105-4895
Contact Information	Reporting: (405) 521-4275

Guide to Filling Out Oklahoma Unclaimed Property 496 Up

Filling out the Oklahoma Unclaimed Property 496 Up form is a necessary step for businesses to comply with state law regarding unclaimed assets. This process helps ensure that funds or property that have gone unclaimed are properly reported and can eventually be returned to their rightful owners or heirs. Below is a step-by-step guide to help navigate through the form efficiently and accurately.

Begin by entering the period end date in the "Verification for Period Ended" section.
Provide the name of the holder company in the designated space.
If there have been any changes, list the prior name(s), FEI(s), or address(es) of the company.
State the company’s state of incorporation, date of incorporation, and provide the current address.
Fill in the Federal Employer Identification Number (FEID) of the company.
Review the checklist provided on the form carefully. This checklist is designed to guide you through various categories of unclaimed property and the related abandonment periods.
For each property type listed, indicate whether you are reporting that type of property by marking “Yes” or “No” in the corresponding column. If reporting, make sure to also include the appropriate property type code and abandonment period.
Include the primary business activity of your company in the space provided.
Indicate whether a report of unclaimed property was filed in the previous year. If not, provide an explanation.
Provide contact information for the holder and claim person, including names, telephone numbers, and addresses.
In the verification section at the bottom, the person responsible for filling out the form must print their name, sign, and indicate their title.
The verification must be subscribed and sworn to before a notary, who will also sign the form and indicate when their commission expires.
Review the completed form to ensure all information is accurate and that no sections have been overlooked.
Mail the completed form, along with any necessary checks, to the Oklahoma State Treasurer Unclaimed Property Division at the address provided on the form.

After the form is submitted, it will be processed by the Unclaimed Property Division. This process includes validating the reported information and updating the state's records to reflect the new reports of unclaimed property. Holders who have fulfilled their reporting obligations can assist in reuniting individuals and businesses with their unclaimed property. This not only benefits the rightful owners but also demonstrates a company's compliance and integrity in handling financial assets.

Get Clarifications on Oklahoma Unclaimed Property 496 Up

What is the purpose of the Oklahoma Unclaimed Property Form 496-UP?

The Oklahoma Unclaimed Property Form 496-UP serves a critical role in the process of reporting unclaimed property to the Oklahoma State Treasurer's Office. Entities such as businesses, financial institutions, and other organizations use this form to report any assets they have that are considered "unclaimed" by their rightful owners. Unclaimed property includes various forms, such as uncashed checks, forgotten bank accounts, and undelivered dividends, among others. The law requires these entities to submit detailed information on such property after a certain period—typically marking periods of inactivity—so that efforts can be initiated to return these assets to their rightful owners. The form assists in ensuring compliance with state regulations regarding unclaimed property and aids in the broader objective of reuniting lost or forgotten assets with their legal owners.

What information is required when filling out Form 496-UP?

Form 496-UP requires comprehensive information from the reporting entity to ensure a clear and accurate account of the unclaimed property being reported. This includes:

The period for which the unclaimed property is being reported.
Identification of the holder company, including its name, state of incorporation, date of incorporation, address, and Federal Employer Identification Number (FEID). If there have been changes such as a different name, FEID, or address during the period being reported, these must be listed.
A detailed checklist indicating the specific type of unclaimed property being reported, categorized by various property codes such as accounts receivables, court deposits, minerals proceeds, insurance proceeds, IRA accounts, and more, along with the applicable abandonment periods for each.
Verification details including the preparer's signature, title, and the swearing date, attesting the accuracy and completeness of the report.
Contact information for both the holder and a designated claims person, ensuring there is a direct line of communication for any follow-up required.

This form also necessitates a declaration of the reporting entity's primary business activity and a confirmation of whether a report was filed in the previous year.

Who is required to file the Oklahoma Unclaimed Property Form 496-UP?

Any person, corporation, business association, financial organization, insurance company, utility company, court, or public authority holding assets that are considered unclaimed under Oklahoma law must file Form 496-UP. This requirement is part of their obligation to report such properties after they have reached the specified period of inactivity or non-contact with the rightful owner, known as the "abandonment period". The entities responsible for these reports include, but are not limited to, banks, credit unions, insurance companies, corporations, and utilities. These organizations have a legal responsibility to attempt to locate the owners of unclaimed property. Failing that, they must report these assets to the Oklahoma State Treasurer's Office using Form 496-UP, to facilitate the process of reuniting owners with their property.

What happens after filing Form 496-UP with the Oklahoma State Treasurer's Office?

Upon receipt of Form 496-UP, the Oklahoma State Treasurer's Unclaimed Property Division will process the report and incorporate the detailed unclaimed property into their database. This information becomes accessible to the public through the state’s unclaimed property website, allowing individuals and entities to search for any assets that may belong to them. The Treasurer's Office undertakes efforts to find and notify potential owners of unclaimed property, guiding them through the claim process. If property remains unclaimed after a certain period, the state may take additional steps, including auctioning off tangible items, with proceeds held until claimed by the rightful owner. The filing of Form 496-UP thus initiates a vital process aimed at the restoration of lost or forgotten assets to their rightful owners, in compliance with state unclaimed property laws.

Common mistakes

When filling out the Oklahoma Unclaimed Property 496 Up form, people often make mistakes that can lead to delays or errors in processing. Being meticulous and paying close attention to detail when completing this form is crucial. Here are four common mistakes:

Not verifying company information: It is vital to provide accurate and current information regarding the company's name, previous names, Federal Employer ID number (FEI), and addresses. Any changes in these details during the period the property has been held need to be clearly stated. Neglecting to update or verify this information can result in the submission being questioned or rejected.
Incorrectly identifying property types: The form requires the property type codes and abandonment periods to be indicated correctly. Often, individuals mistakenly report property under incorrect codes or misinterpret the abandonment periods. This misidentification can lead to the inappropriate handling of reported properties.
Overlooking the need for detailed verification: The verification and checklist section is designed to ensure that all necessary components of the report are complete and accurate. Missing this step or providing incomplete verification can compromise the integrity of the report. Each item on the checklist should be reviewed thoroughly, and a "Yes" must be enumerated on Form 497-UP-2 for any items being reported.
Failing to provide complete holder and claim person contact information: The form asks for detailed contact information for the holder and the person authorized to claim the property. Often, submissions include incomplete or incorrect contact details, which can significantly delay the processing of the form. Ensuring that all contact information is current and accurate is essential for successful submission.

Attending to these details can significantly improve the accuracy and efficiency of reporting unclaimed property to the Oklahoma State Treasurer. It is always beneficial to review the form multiple times before submission to ensure that all information is complete and correct.

Documents used along the form

When managing or reporting unclaimed property in Oklahoma, especially with the use of the Oklahoma Unclaimed Property 496 UP form, other forms and documents might also be required or beneficial during this process. These documents ensure that the process is thorough and complies with all the necessary legal and regulatory requirements. They vary based on the type of unclaimed property being reported, the specific situation of the holder, and if the property pertains to an individual or an entity. Here is a concise overview of some forms and documents that are often used alongside Form 496-UP.

Form 487-UP-2 (Holder Notice Report Form): This form is utilized by entities to report information about the owners of unclaimed property when their whereabouts are unknown. It helps in the initial steps of identifying property that may eventually be considered unclaimed if the owner does not respond.
Form 695-UP (Safe Deposit Box Inventory Form): Employed when reporting items from abandoned safe deposit boxes. This form provides a detailed list of the contents found within these boxes, ensuring accurate documentation and handling of various items, ranging from documents to physical objects.
Form 698-UP (Securities Delivery Instruction Form): Specifically designed for the submission of unclaimed securities, including stocks and bonds. This instruction form guides the holder on how to transfer these items to the state’s custody, detailing necessary steps for various types of securities.
Due Diligence Letter: Before property can be declared unclaimed and turned over to the state, holders are typically required to make a final attempt to contact the owner(s). A due diligence letter is a formal notice informing potential owners about the unclaimed property and provides them with an opportunity to claim it before it's transferred to the state.
NAUPA Standard Electronic File Format: Though not a form, it's essential for reporting larger batches of unclaimed property. The National Association of Unclaimed Property Administrators (NAUPA) has established a standard electronic format for reporting, which simplifies the submission process for holders managing multiple properties.

Understanding the significance of these forms and documents is fundamental to ensuring compliance with Oklahoma’s unclaimed property laws. Each serves a specific role in the process of reporting, transferring, and claiming unclaimed property, helping to streamline these processes while adhering to legal requirements. Whether an entity is dealing with dormant accounts, unclaimed wages, or contents of a safe deposit box, utilizing the correct forms and adhering to proper procedures can facilitate a smoother process.

Similar forms

The Oklahoma Unclaimed Property 496-UP form is quite similar to the IRS Form 1042-S, which is used for reporting U.S. source income paid to foreign persons and applies to entities and individuals. Both documents require detailed information about financial transactions that must be reported by law. The 496-UP form focuses on unclaimed property within the state of Oklahoma, whereas the 1042-S deals with income reporting for tax purposes. However, they share a common goal: ensuring compliance with reporting regulations, which involves providing detailed account information, payer and payee information, and adhering to specific deadlines.

Another document resembling the Oklahoma Unclaimed Property 496-UP form is the NAUPA (National Association of Unclaimed Property Administrators) Standard Form. NAUPA’s format is designed for reporting unclaimed property to various state authorities, similar to the 496-UP form’s purpose. Both forms require the reporting entity to provide comprehensive details about the type of unclaimed property, its value, and the last known owner's information. While the 496-UP form is specific to Oklahoma, the NAUPA standard form can be tailored to meet the reporting requirements of multiple states, making it versatile for companies operating in various jurisdictions.

The HUD-1 Settlement Statement, used in real estate transactions to itemize services and fees charged to the buyer and seller, also shares similarities with the Oklahoma Unclaimed Property 496-UP form. Both documents provide a detailed account of financial transactions related to specific assets. While the HUD-1 predominantly focuses on the closing costs of real estate transactions, the 496-UP form deals with various types of unclaimed property, including funds from real estate transactions that may have gone unclaimed.

Financial institutions often use the Totten Trust Account Registration forms to designate beneficiaries for accounts, which bears similarity to the 496-UP form in its handling of assets without clear ownership designation. These forms help in avoiding probate by naming beneficiaries for accounts directly, similar to how unclaimed property reports identify rightful owners of assets held by companies. Both forms play crucial roles in asset management and ensure the proper transfer to rightful owners or heirs, although their specific applications and legal contexts differ.

Lastly, the similarity between the 496-UP form and Corporate Annual Reports filed with state secretaries is evident in their requirement for entities to disclose financial details and transactions annually. While Corporate Annual Reports focus on the overall financial health, activities, and governance of a corporation, the 496-UP form specifically targets unclaimed property held by an entity. Both documents ensure transparency and regulatory compliance, facilitating oversight by state authorities to protect public and private interests.

Dos and Don'ts

Filling out the Oklahoma Unclaimed Property 496 Up form can be a straightforward process if approached correctly. Remember, accurately completing this form is crucial for compliance with state regulations regarding unclaimed property. Below are essential do's and don'ts to consider:

Do:

Ensure all information is accurate and up-to-date: Double-check the company name, State of Incorporation, addresses, and Federal Employer ID# to ensure they are current, especially if there have been any changes since the last report.
Complete the checklist thoroughly: Carefully go through the checklist, marking "Yes" or "No" as appropriate. This step ensures you have considered all potential types of unclaimed property your company might hold.
Review property type codes and abandonment periods: Check the correct boxes for the type of property being reported and note the applicable abandonment period to guarantee compliance with state laws.
Sign and date the form: The declaration made at the end of the form must be signed and dated by someone authorized by the company. This step legally affirms the accuracy and completeness of the information provided.

Don't:

Overlook previous names or identifiers: If the company has undergone name changes or used different Federal Employer ID numbers, make sure to list these changes to maintain a clear historical record.
Leave sections incomplete: Failing to complete certain sections or providing incomplete information can lead to delays or the rejection of your report. Carefully fill out every applicable part of the form.
Ignore the verification statement: The verification at the end of the report requires careful attention. It's not merely a formality; it's a legal assertion that the report is complete and true to the best of your knowledge.
Forget to mail the form to the correct address: Ensuring the form and any attachments are sent to the Oklahoma State Treasurer Unclaimed Property Division at the correct address is vital for timely processing.

Taking these do's and don'ts into account will help streamline the process of reporting unclaimed property, making it less daunting and more efficient. Remember, the goal of the form is to ensure that unclaimed assets find their way back to the rightful owners, and meticulous reporting is a critical step in that process.

Misconceptions

Understanding the Oklahoma Unclaimed Property Form 496-UP can often be confusing, leading to myths and misunderstandings. Below are eight common misconceptions about this particular form and its requirements, cleared up to ensure accuracy and compliance.

Misconception #1: The form is only for financial institutions.

This is not accurate. While banks and financial institutions are significant reporters, the Form 496-UP is designed for all sorts of entities, including corporations, business associations, insurance companies, utilities, courts, and public authorities, among others. Any entity that holds unclaimed property is required to file.

Misconception #2: Only cash assets need to be reported.

Many believe that the report is limited to cash assets. However, the form covers a wide range of property types, including accounts receivable, stocks, insurance benefits, mineral proceeds, and even safe deposit box contents. Any tangible or intangible personal property that has gone unclaimed falls under the reporting requirement.

Misconception #3: All property is reported after the same period of dormancy.

Dormancy periods vary depending on the type of property. For instance, travelers' checks are reportable after 15 years, while most other properties, such as wages and utility deposits, have much shorter dormancy periods. It’s essential to refer to the specific codes and abandonment periods listed in the form.

Misconception #4: Companies can wait until they have a significant amount before reporting.

The law requires timely reporting of unclaimed property, regardless of the amount. Aggregate reporting is only acceptable in specific situations designated by the form, such as for accounts with small balances under certain codes. Prompt compliance is critical to avoid penalties.

Misconception #5: Property held in another state doesn’t need to be reported to Oklahoma.

Property must be reported to the state of the owner's last known address. If the owner's address is unknown or is in a state that doesn’t claim the property, then the property should be reported to the state where the business holding the property is incorporated or has its principal place of business. This can sometimes mean reporting out-of-state property to Oklahoma.

Misconception #6: IRA accounts are exempt from reporting.

Retirement accounts, including traditional and Roth IRAs, are not exempt. These accounts are reportable seven years after the owner has reached 70 1/2 years old or, in some cases, upon a predetermined period of inactivity.

Misconception #7: The form is optional for businesses that don’t think they have unclaimed property.

It's a common belief that filing is optional. In reality, all entities potentially holding unclaimed property must perform due diligence to identify such property and report it if found. Even if no unclaimed property is identified, businesses are encouraged to file a negative (zero) report.

Misconception #8: Filing the form once is enough for future years.

Reporting unclaimed property is an annual requirement. Each year, holders must review their records for unclaimed property that has reached the abandonment period and report it accordingly. Failing to file annually can lead to penalties and interest on unreported properties.

Addressing these misconceptions helps clarify the obligations of entities in relation to unclaimed property in Oklahoma. Proper understanding and compliance ensure that businesses fulfill their legal responsibilities while also enabling rightful owners to reclaim their lost or forgotten property.

Key takeaways

Filling out and using the Oklahoma Unclaimed Property 496 Up form is essential for businesses and organizations to comply with state regulations. Understanding the key takeaways from this form can streamline the process and ensure accurate reporting. Here are some critical aspects to consider:

Verification and Reporting Period: The form requires details such as the name of the holder company, any previous names, addresses, or Federal Employer Identification Numbers (FEIs) if changes occurred during the holding period of the unclaimed property.
State Incorporation Information: Companies must provide their state of incorporation, date of incorporation, and current contact information, ensuring the state can reach out if needed.
Comprehensive Checklist: Before filing their unclaimed property report, organizations must complete a detailed checklist, confirming the types of property being reported, along with their associated codes and abandonment periods.
Wide Range of Property Types: The form includes a variety of property types such as account balances, court deposits, insurance benefits, and more, with specific codes and abandonment years listed for accurate classification.
IRA Reporting: There's a specific section for Traditional and Roth IRAs, highlighting the requirement to report these accounts seven years after the participant has reached the age of 70 and a half years old.
Mineral Proceeds and Interests: The form dedicates a section to mineral proceeds and interests, acknowledging the significant role of the oil and gas industry in Oklahoma and the specific reporting needs associated with these assets.
Securities and Trusts: Securities and trust accounts have their sections, emphasizing the need for detailed reporting on dividends, stocks, bonds, and other investment vehicles.
Safe Deposit Boxes: The form addresses the reporting requirements for contents of safe deposit boxes, which have a 5-year abandonment period.
Utilities and Miscellaneous Checks: Utility deposits, refunds, rebates, and miscellaneous checks including wages, payroll, and commissions are covered, indicating the broad scope of unclaimed property that must be reported to the state.

Compliance with the Oklahoma Unclaimed Property Law is crucial for businesses to avoid penalties and ensure that property is returned to its rightful owners. Utilizing the 496 Up form correctly is a step in the right direction for achieving this compliance.

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