It is that time of year when county appraisal districts begin to send out notices of appraised value on real property and business personal property. If you feel your property is over-valued, the due date for filing a protest is the later of May 15th or 30 days after the notice of appraised value was mailed. Taxpayers that file a protest with their appraisal district will be scheduled for a hearing before the Appraisal Review Board (ARB) to review the market value of the property and resolve or validate the disparity. See your county appraisal district website for guidance on how to file a protest or call your ATKG advisor for assistance.
Have You Reported Your Unclaimed Property?
If your business holds unclaimed property, don’t forget that you are responsible for filing a report and remitting that property to the State. This applies to items such as uncashed vendor checks or employee paychecks.
2022 Texas Unclaimed Property Deadlines
- July 1st – Deadline for holders to file a report and remit unclaimed property.
- July 1st – Deadline for filing life insurance reports and remitting property. (Previously was Nov. 1st)
The Process
- Verify that the property has surpassed the abandonment period.
- Notify property owners about the abandoned property. A written notice should have been mailed by May 1st for any property exceeding $250.
- Prepare and submit the unclaimed property report by July 1st using the transfer portal on ClaimItTexas.org.
- Remit the property to the State utilizing the guidelines established for the specific type of property.
- Lastly, maintain all unclaimed property data for at least 10 years, as required by the State of Texas.
Additional information can be found at www.claimittexas.org or www.comptroller.texas.gov/programs/unclaimed. Almost every state has unclaimed property laws. If you have business locations in other states, check out those states’ unclaimed property websites for more guidance.
Has there been a change in the Registered Agent for your TX business?
With the 1st Texas Franchise deadline approaching May 15th, now is a good time to review the registered agent information associated with your business. If the registered agent has changed or recently obtained a new address – Form 401 must be filed with the Texas Secretary of State. A business may be terminated, or its registration revoked for failure to maintain a registered office and agent, any change should be submitted promptly.
Additional information can be found at https://www.sos.state.tx.us/corp/registeredagents.shtml.
Ernesto Aguilar is a Tax Senior with ATKG. He received his undergraduate degree from the University of the Incarnate Word and a master’s from the Texas A&M University-San Antonio. He joined the ATKG team as a permanent staff in the fall of 2016 after completing a successful internship program with us.
