Blank Arizona 652 Form

1. What is the Arizona 652 form?

   The Arizona 652 form, also known as the Report of Abandoned Property - Schedule A, is a document used by holders of unclaimed property to report and remit abandoned property to the Arizona Department of Revenue. This form is essential for ensuring compliance with state regulations regarding unclaimed assets.

2. Who needs to file the Arizona 652 form?

   Any individual or entity that holds property considered abandoned must file the Arizona 652 form. This includes businesses, financial institutions, and other organizations that may have unclaimed funds or assets belonging to individuals.

3. What information is required on the Arizona 652 form?

   The form requires detailed information, including:

   • Holder name and Federal Employer Identification Number (FEIN)
   • Owner's name, mailing address, and Tax ID (SSN or EIN)
   • Account number, check number, and cash amount remitted
   • NAUPA property type and interest rate
   • Last activity date and date of birth of the owner
   • Details for additional owners, if applicable
4. How do I determine if property is considered abandoned?

   Property is generally considered abandoned if there has been no activity or contact with the owner for a specific period, which varies by property type. Common indicators include uncashed checks, dormant bank accounts, or unclaimed insurance benefits.

5. What is the deadline for submitting the Arizona 652 form?

   The deadline for submitting the Arizona 652 form is typically November 1st of each year. Holders must ensure that all relevant information is accurately reported by this date to avoid penalties.

6. What happens if I fail to file the Arizona 652 form?

   Failure to file the Arizona 652 form can result in penalties and interest charges. Additionally, the holder may be subject to audits and further legal action by the Arizona Department of Revenue.

7. Can I amend the Arizona 652 form after submission?

   Yes, amendments can be made to the Arizona 652 form if errors are discovered after submission. It is important to clearly indicate the changes and provide any necessary documentation to support the amendments.

8. Where can I obtain the Arizona 652 form?

   The Arizona 652 form can be obtained from the Arizona Department of Revenue's website. It is available for download in a PDF format, making it easy to fill out and submit electronically or via mail.

Filling out the Arizona 652 form can feel overwhelming, but avoiding common mistakes can make the process smoother. One frequent error is incomplete information. Every section of the form is crucial, from the owner’s name to the account number. Leaving out even a single detail can lead to delays or rejections.

Another common pitfall is incorrect owner information. It's essential to double-check names, addresses, and tax identification numbers. A simple typo can cause significant issues, especially when it comes to matching the property with its rightful owner.

Many people also forget to include multiple owners if applicable. If the property has more than one owner, all relevant details must be filled out for each person. Omitting this information can complicate the claims process.

Some filers overlook the date of last activity on the account. This date is vital for determining whether the property is considered abandoned. Make sure to include the correct date to avoid any confusion.

Another mistake is failing to provide the correct NAUPA property type. This classification helps the Arizona Department of Revenue process your claim accurately. Make sure you understand the different types and select the one that applies to your situation.

Inaccuracies in the cash amount remitted can also create problems. Ensure that the amount you report matches the actual funds associated with the property. Mismatches can lead to further inquiries or even penalties.

Some individuals neglect to include interest rates when applicable. This detail can impact the total value of the abandoned property. Always check the form for any sections that require this information to ensure completeness.

Lastly, forgetting to sign and date the form can lead to immediate rejection. A signature is not just a formality; it confirms that the information provided is accurate and truthful. Make it a habit to review the entire form before submission to catch any overlooked details.

The Arizona 652 form is essential for reporting abandoned property, but it often accompanies other important documents. Each of these documents plays a crucial role in ensuring that the process runs smoothly and that all necessary information is accurately reported.

• Arizona 653 Form: This form is used for the detailed reporting of unclaimed property, including additional information about the holders and the properties being reported. It complements the 652 form by providing a more comprehensive overview.
• Owner Verification Form: This document is necessary for confirming the identity of the property owner. It helps to ensure that the rightful owner receives their unclaimed property.
• Claim Form: This form is submitted by individuals seeking to claim their abandoned property. It requires detailed information about the claimant and the property in question.
• Affidavit of Heirship: In cases where the owner of the property has passed away, this affidavit is used to establish the rightful heirs. It helps to clarify ownership and facilitate the transfer of property.
• Tax Identification Documentation: This includes documents such as Social Security Numbers or Employer Identification Numbers. They are necessary for identifying the property owners and ensuring compliance with tax regulations.
• Property Description Document: This document provides a detailed description of the property being reported, including its type and value. It aids in the accurate categorization of the unclaimed property.
• Payment Remittance Form: When remitting payment for the abandoned property, this form is used to document the amount being sent and the method of payment. It ensures proper tracking of financial transactions.

These documents, when used alongside the Arizona 652 form, help to streamline the process of reporting and claiming abandoned property. Each one serves a specific purpose, contributing to the overall efficiency and accuracy of the unclaimed property system.

• NAUPA Standard Report - Similar in purpose, this report also focuses on unclaimed property and follows the National Association of Unclaimed Property Administrators guidelines for reporting.
• IRS Form 1099 - This document is used for reporting income, including unclaimed property, and requires detailed information about the owner and the amounts involved.
• State Unclaimed Property Report - Each state has its own version of a report for unclaimed property, similar to the Arizona 652 form, and includes specific details about owners and property types.
• Financial Institution Reporting Form - Banks and other financial institutions use this form to report unclaimed accounts, focusing on account details and owner information.
• Property Transfer Form - This form is used when transferring ownership of unclaimed property and requires information about both the previous and new owners.
• Claim Form for Unclaimed Property - This document allows individuals to claim their unclaimed property and includes necessary identification and ownership details.
• Beneficiary Designation Form - Similar in that it identifies property owners and beneficiaries, this form is often used for life insurance policies and retirement accounts.
• Estate Inventory Form - This form lists all assets of a deceased person, including unclaimed property, and provides necessary details for probate proceedings.
• Trust Accounting Report - Used in the context of trusts, this report details assets held in trust, including any unclaimed property, and must include information about beneficiaries.

When filling out the Arizona 652 form, it is crucial to ensure accuracy and completeness. Below are guidelines on what you should and shouldn't do.

• Do provide accurate owner information, including full names and mailing addresses.
• Do include the correct Tax ID (SSN or EIN) for each owner listed.
• Do ensure that all fields are filled out completely, especially those related to the property type and cash amount remitted.
• Do double-check the last activity date and ensure it corresponds with the property records.

• Don't leave any required fields blank; incomplete forms may be rejected.
• Don't use abbreviations or nicknames for owner names; full legal names are necessary.
• Don't submit the form without reviewing it for errors or inconsistencies.
• Don't forget to sign and date the form before submission, as this is essential for processing.

Here are five misconceptions about the Arizona 652 form, along with clarifications for each:

• It is only for cash accounts. Many people believe the Arizona 652 form applies solely to cash. In reality, it covers various types of unclaimed property, including securities and mutual funds.
• Only large companies need to file this form. Some think that only businesses with significant assets must submit the form. However, any holder of unclaimed property, regardless of size, is required to file.
• The form is only necessary once a year. Many assume that the form only needs to be filed annually. In fact, the filing frequency may depend on the specific circumstances surrounding the unclaimed property.
• Filing the form guarantees the return of property to the owner. Some believe that submitting the Arizona 652 form ensures that the property will be returned to its rightful owner. While it is a necessary step, the process may involve additional verification and steps.
• It can be filled out by anyone. There is a misconception that anyone can complete the form. The Arizona 652 form should be filled out by the holder of the property or their authorized representative to ensure accuracy.

When filling out the Arizona 652 form, there are several important points to keep in mind. This form is used to report abandoned property to the Arizona Department of Revenue. Below are key takeaways that can help ensure the process goes smoothly.

• Accurate Information: Ensure that all details provided, such as the owner's name, address, and Tax ID, are correct. Inaccuracies can lead to delays or rejections.
• Multiple Owners: If there is more than one owner for the property, complete the additional owner fields. This includes their names, Tax IDs, and relationship codes.
• Property Type: Clearly identify the NAUPA property type for each item being reported. This helps categorize the property correctly.
• Last Activity Date: Include the last activity date for the account. This date is crucial in determining whether the property is considered abandoned.
• Cash Amount Remitted: Report the total cash amount being remitted accurately. This figure should match your records.
• Interest Rate: If applicable, provide the interest rate associated with the property. This may be relevant for certain types of accounts.
• Signature Requirement: Ensure the form is signed where required. Unsigned forms may be deemed invalid.
• Submission Method: Familiarize yourself with the submission method, whether electronic or paper, to ensure compliance with Arizona Department of Revenue guidelines.

Following these takeaways can help streamline the process of reporting abandoned property in Arizona. Proper preparation and attention to detail will facilitate a smoother experience.