– Corporate structure – Current and previous Chart of Accounts – Review of Accounts that May Hold Uncashed Property – Review of General Leger Trial Balances – Any previous State unclaimed property reports. – Any past audit reports & results – Outstanding check listing of all disbursement accounts – Accounts Receivables aging report – Journal entries related to write-offs and any details – Descriptions and any contracts related to any third-party administrators – Any mergers & acquisitions reports and detail
When it comes to submitting your unclaimed property reports, there are a myriad of State Reporting Unclaimed Property due dates including what are considered Spring States and Fall States.
Also keep in mind that, depending on the Holder type, that will also dictate when the report is due.
Most Life Insurance Companies have reports due in the Spring.
– 41 States are considered Fall Reporting, with reports due to them by October 31st/November 1st.
– 9 States have a Spring reporting deadline between March 1st and July 1st. Delaware New York Connecticut Pennsylvania Florida Illinois Vermont Michigan Texas
– The above list also includes a couple of States that have reports due over the Summer/July 1st (Michigan & Texas).
– California has a preliminary report due by October 31 each year with their remittance report due in to them between the following June 1st – June 15th. The State will notify the Holder the exact final due date.
– Puerto Rico has a preliminary report due date of August 10th and the remittance report is due to the State by December 10th each year.
– Please note, the dormancy periods vary from one, three or five years amongst the States, depending on the property type. With a one year dormancy period being for Wages, Payroll or Salary. Traveler Checks have a 15 year dormancy period.
As you can see, there are an abundance of stipulations and requirements regarding unclaimed property reporting compliance. For how to navigate the reporting due date requirements, feel free to reach out to PEACC at 410.303.5510 or email us at info@peacc.com
Call PEACC for Compliance 410.303.5510
The Ins & Outs of State Reporting Unclaimed Property Due Dates February 17th, 2025peaccadmin
– done by individual State or can be done jointly with other State(s).
Reciprocal Audit
– One State audits on behalf of other State(s) – Expenses and resources are shared
Private Audit Firms
– State Contracts Out Third-Party Audit Firm – May Get Paid Based Upon a Percentage of What They Find
Telephone Audits & Reviews
– State contacts Holder via phone. – Listen for uncertainties & inconsistencies in voice.
“Highway Audits”
– State audit employees look for newspaper headlines, billboards and trucks while out of office for audit candidates.
For further information about the types of unclaimed property audits and how to navigate thru them, please contact the experts at PEACC at 410.303.5510 or email us at info@peacc.com
Call PEACC for Compliance 410.303.5510
TYPES OF UNCLAIMED PROPERTY AUDITS & REVIEWS February 4th, 2025peaccadmin
Your Total Source for Unclaimed Property Compliance
