A successful unclaimed property reporting process includes these important steps:
– Identify all unclaimed intangible property. – Determine which State the property is reportable to. – Calculate the proper dormancy period for each property type. – Review for any property that may be exempt under current State law. – Perform all State required Due Diligence/Search Letter functions. – Review, generate & submit State reports & the remittance in the required formats and timeframes. – Update/document all records related to property reported.
For further clarification on the State unclaimed property reporting process please reach out to a professional at PEACC.com by calling 410.303.5510 or email us at info@peacc.com
Call PEACC for Compliance 410.303.5510
A Successful Unclaimed Property Reporting Process October 17th, 2025peaccadmin
Ask yourself the following twelve questions to determine if your company is a candidate for the dreaded “Unclaimed Property Audit” by either a state or state sponsored (third-party) unclaimed property auditor
Whenever you inquire about Holder and their unclaimed property reporting, their responses are normally: – We don’t have any unclaimed property to report or remit. – We already file our unclaimed property reports, but they are normally negative/zero reports (reports showing nothing to report). – Our outstanding checks list have been reviewed and none of them reflect any outstanding checks. – Any small dollar amount outstanding checks (ie. < $5.00) are written off.
Any of these myths can increase your risk of an unclaimed property audit.
For further clarification on any unclaimed property compliance issues, please reach out to a professional at PEACC.com at 410.303.5510 or email us at info@peacc.com
Call PEACC for Compliance 410.303.5510
What Are the Holder/Companies Beliefs When it Comes to Unclaimed Property Reporting? October 20th, 2025peaccadmin
Delaware Voluntary Disclosure Agreement (VDA) Process: A Step-by-Step Guide
The Delaware Voluntary Disclosure Agreement program offers businesses a smoother path to compliance with unclaimed property laws. This blog outlines the key steps involved:
I. Enrollment
Sign and submit Form VDA-1: This initiates the program and signifies your intent to comply.
Assess record availability (trial balances, bank reconciliations, check lists, A/R aging reports)
Determine the look-back period (ideally to 1996)
Address lack of records (estimation methods)
IV. Detailed Records Review
Conduct a thorough review of each property type for each entity.
Utilize estimations when records are unavailable.
V. Submitting Findings to Delaware
Present a draft report to the Delaware Department of State.
Be prepared for potential sampling to verify your results.
VI. Settlement and Payment
Upon Delaware’s approval:
Complete and submit Form VDA-2.
Make a remittance payment for identified unclaimed property.
VII. Addressing Other States
Once the Delaware VDA is finalized, determine any potential exposure for unclaimed property in other applicable states.
By following these steps, you can navigate the Delaware VDA process efficiently and ensure compliance with unclaimed property regulations.
For further information and questions regarding compliance with these state unclaimed property laws, please contact a professional at PEACC.com at 410.303.5510, or email us at info@peacc.com.
Delaware Voluntary Disclosure Agreement October 14th, 2025peaccadmin
* By reporting with incorrect dormancy periods or cut off dates. * Have a lapse(s) in the reporting periods/history. * By applying the wrong aggregate amount. * Simply reporting all property to only one State / State of Incorporation. * By misunderstanding the rules of customer generated contact / indication of Owner interest. * By not performing all State required Due Diligence / Search Letter specifics within the applicable time periods. * By not reporting property below a certain dollar amount. * By failing to report all eligible property / under reporting. * Submitting the report in the incorrect format.
For further information and assistance on how to stay compliant with the State specifics, please reach out to a professional at PEACC.com by calling us at 410.303.5510 or through email info@peacc.com
Call PEACC for Compliance 410.303.5510
How Can A Company/Holder Be Reporting Their Unclaimed Property And Still Be Non-Compliant? October 13th, 2025peaccadmin
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