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Statutory Brief · Reporting Mechanics

Negative ('Zero') Unclaimed Property Reports: Mandatory States vs. The Cold-Filing Trap

Filing a $0 negative report in a state where your company has unreported historical AP/AR balances creates an affirmative audit representation that can forfeit penalty relief.

Key Statutory Findings & Holder Guidance

Mandatory Zero-Report States include Illinois (if sales >$1M, net worth >$10M, or >100 employees), Florida (active registered entities), Ohio, Massachusetts, and Nevada (for NV-incorporated/licensed entities).
Cold-filing a zero report without testing prior 10–15 year ledgers exposes signing officers to inaccurate-filing assertions if an examination later uncovers uncashed checks.
Complete historical VDA scoping before enrolling in routine annual zero reporting.

Corporate finance and tax teams evaluating these rules should verify entity-specific incorporation history and prior filing logs before submitting positive or negative reports to state portals.