• Kentucky Unclaimed Property Online Reporting Portal

Frequency and timing:

  • Annually

References:

KRS 393A3 Revised Uniform Unclaimed Property Act

Steps:

  • Analyze the escheat checks unclaimed property liability account for any unclaimed property over statutory limit—payroll checks >1 year, accounts payable checks >3 years.
  • Send a due diligence letter to the owner’s last known address during the Owner Notification Period – not more than 120 days or less than 60 days before the report is filed.
  • Create a report of unclaimed property from the transaction history in the liability account.
  • Import the NAUPA file to the Kentucky Unclaimed Property Online Reporting Portal.
  • Submit payment to the Kentucky State Treasurer for the amount of reported unclaimed property.
  • NOTE: A sample letter is included in the Unclaimed Property Holder Book
  • Follow the guidelines in the Unclaimed Property Holder Book to create a NAUPA format report (various vendors provide templates)

1099 Reporting

Consultants and independent contractors, subcontractors and subgrantees receive payment through the accounts payable system. Vendors that provide these services are noted in the accounting system as eligible for 1099 in the vendor master file. Forms 1099 must be mailed to vendors and summary 1096 submitted to the IRS no later than January 31st for timely preparation and submission of their income tax forms.