All posts by peaccadmin

16 Jan 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Consulting Permalink

Consequences for Not Having a Unclaimed Property Program

Sticky Post By On January 16, 2025

Consequences for Not Having a Yearly Unclaimed Property Compliance Process in Place.
There are harsh implications for Holders who do not have a annual unclaimed property compliance program including:

– For Holders who do not submit annual unclaimed property reports
– For Holders who file inconsistent, inaccurate or non-compliant annual reports
– Not reporting all property types in reports
– Filing annual unclaimed property reports late
– Holders run the risk of being audited which could lead to hefty fines/interest rates and penalties

As you can see, identifying, monitoring, reporting and complying with all State unclaimed property reporting laws & requirements are very important functions to have implemented within your organization.

For help in developing and implementing an annual unclaimed property reporting process or any questions regarding this process, please reach out to one of the Professionals at PEACC by calling 410.303.5510 or email us at info@peacc.com

Property Escheatment And Compliance Consulting
Property Escheatment And Compliance Consulting
15 Jan 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Reporting Permalink

Reason Why Your Unclaimed Property Report was Rejected

Sticky Post By On January 15, 2025

Reason Why Your Unclaimed Property Report was Rejected –

There a numerous reasons why a State may reject your annual unclaimed property report, including non-compliance –

Certain States require specific information be included on their State unclaimed property reports, including that they be in the appropriate format in order that they are accepted.
– California and Florida will reject reports if payroll property is lacking the Owner’s social security number.
– Tennessee requires that the NAICS be included on all uploaded unclaimed reports
– Tennessee, Washington, District of Columbia and Delaware are just a few of the State entities that require all state reports be uploaded to their State website portal
– When reporting property type Mineral Proceeds, certain States, including, Texas, Arkansas and Oklahoma require the well name, well number and well location be included on all State reports when reporting Mineral Royalties or the report may be rejected.
– Alabama, Nevada and Tennessee are a few of the States, where if the remittance is not received electronically, the report will be rejected and returned to the Holder.
– Spelling and not listing the property clearly on the State report may cause rejections and for the report to be returned back to the Holder.
– Reports not received by the States deadline (in most cases before November 1 or May 1 each year) may also be rejected and returned to the Holder.
As you can see, there are  numerous reasons why a State report may be rejected. Protect your company while saving time and money by contacting PEACC now to determine how not to have your report rejected. Please call 410.303.5510 or email info@peacc.com. We’ll be glad to assist!

PEACC.com
14 Jan 2025
Sticky Post By Posted in Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

What Makes Up Your Yearly Unclaimed Property Process?

Sticky Post By On January 14, 2025

~ To reduce your unclaimed property liability and exposure
~ Obtain and maintain compliance with all State unclaimed property laws and regulations
~ Protect the Holder’s bottom line
~ Reunite Owner with their unclained assets; State maintains custody of property until Owner is found and reunited with lost property
~ Owners only have one centralized place to look for lost property

For help in developing and implementing an unclaimed property processes or any questions regarding this process, please reach out to one of the Professionals at PEACC by calling 410.303.5510 or
email us at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance
13 Jan 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Finding Unclaimed Property, Uncategorized, Unclaimed Property Consulting Permalink

Delaware Unclaimed Property (VDA) Notices

Sticky Post By On January 13, 2025

What to know about the Delaware Unclaimed Property Notices being mailed
out – What to Expect.

The State of Delaware continues to mail out Unclaimed Property Notices, inviting Holders to participate in the State’s Voluntary Disclosure Agreement (“VDA”). The following is how to address it if received:
Please be aware there is a 90 day turn around for the response.
Holders/companies who do not respond within 90 days will be referred to the Delaware State Escheator’s office for an unclaimed property audit.

The State’s expectations are that these Notices not only cover the entity who receives it, but also all subsidiaries and parent company involved with the entities.

Any reviews that do take place as a result of these mailings will involve a 15 year lookback period.

Companies without good accurate, records for any year(s) in the 15 year lookback period can expect estimations to be used for the years good records are not available.

Organizations incorporated in Delaware, or any of their subsidiaries incorporated there, will be the main target of the VDA Notices. However, any entities with foreign activities may also be targets of these VDA
Notices..

PEACC’s best advice if you do receive one of these VDA Notices in the mail is to respond right away, providing accurate responses. For further insite on how to respond and what to expect, please contact one of our professionals at 410.303.5510 or email at info@peacc.com. We’re here to help!

09 Jan 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Consulting Permalink

The ABC’s of Unclaimed Property

Sticky Post By On January 9, 2025

The ABC’s of Unclaimed Property

All States have intangible unclaimed property reporting laws along with DC, Guam, Puerto Rico and the Virgin Islands. Canada also has robust unclaimed property reporting requirements. But, in this case, we’re
talking only of the U S. reporting requirements and not Canada.

All States pursue unclaimed property as a source of State revenue and so the true Owner of this lost property only has one place to look to reclaim Ownership.

Each State has their own unique laws that dictates how the property is managed until reported. These laws are basically the same amongst the States. But some States have laws that only benefit them. However, the reporting requirements are basically the same in all the States, yet
slightly different.

The statutorily set dormancy period may be 1 through 5 years in most cases depending on the property type, with Traveler’s Checks having a 15 year holding/dormancy period.

The main purpose of these State laws are to protect the property until the rightful Owner can be found. Until the Owner can be found, the States may use this property for “public good” such as road maintenance, library construction/remodeling, school funding, etc.

Property that remains unclaimed by the rightful Owner must be turned over to the appropriate State after it reaches its dormancy period. But the rightful Owner may always lay claim to it. That State may be the
State where the Owner last resided or the Holder/company/entities State of Incorporation depending on whether the Owner’s last known address is unknown, or if the property is foreign.

As you can see, these laws and requirements can get complicated and confusing. For help with your unclaimed property reporting or any questions, please reach out to a professional at PEACC by calling
410.303.5510 or email us at info@peacc.com We’re here to help!

Call PEACC for Compliance
Call PEACC for Compliance
09 Jan 2025
Sticky Post By Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

Unclaimed Property (UP) In-house Program

Sticky Post By On January 9, 2025

Is Your Unclaimed Property In-house Program Good & Compliant?
What makes a good Unclaimed Property Program successful and good?

Is your program one of them?
It is if it:
–  Reduces any UP exposure to the various States;
–  It is compliant with all of the State reporting laws, regulations and
requirements;
–  Allows you to keep relationships with all account Owners over the
years;
–  It reunites lost/unclaimed funds with its true & rightful Owner(s);
–  It reduces the risks related to non-compliance, including:
    • Possible fines & interest penalties
    • UP audits and reviews;
–  All employees understand UP & know where to turn with questions.

12 Nov 2024
Sticky Post By Posted in D. Patrick ("Pat") Healy, Finding Unclaimed Property, Unclaimed Property Compliance, Unclaimed Property Laws Permalink

WHAT IS UNCLAIMED PROPERTY?

Sticky Post By On November 12, 2024

With all state jurisdictions having unclaimed property reporting laws & requirements and them being aggressively enforced through fines and interest penalties, you hear the question a lot, “What is unclaimed property?” Is it abandoned cars/vehicles? Abandoned land or livestock? What is it?  Well, it can be, but in this case it is unclaimed intangible property (with the exception of Safe Deposit Box contents). Considering the unclaimed property world, most unclaimed property involves the following types of intangible properties (but these are just examples and not all inclusive):

– EXAMPLES of UNCLAIMED PROPERTY –
– Unclaimed Vendor/AP checks
– Unclaimed payroll checks or direct deposits gone wrong
– Customer overpayments
– Unapplied cash accounts
– Aged Accounts Receivable credit balances
– Most Refunds due
– Unredeemed gift card/certificate balances
– Unclaimed bank accounts (checking, savings, retirement, CD’s)
– Life insurance proceeds due
– Uncashed benefit checks
– Utility deposits
– Lost shareholders or uncashed dividend checks
– Safe deposit box contents

Again, the above list are just examples of unclaimed intangible property and not meant to be all inclusive. Most companies/Holders are going to want to a look at their Accounts Payable, Payroll and Accounts Receivable areas, depending on the type of holder they are (corporation, bank or financial institution, life or non-life insurance company, etc.)

To talk further about all the unclaimed property reporting requirements and what your obligations are, and how to navigate through them, please contact the professionals at PEACC for a no obligation consultation at 410.303.5510.

29 Oct 2024
Sticky Post By Posted in Uncategorized Permalink

IMPORTANT ANNOUNCEMENT From Delaware Administrator

Sticky Post By On October 29, 2024

IMPORTANT ANNOUNCEMENT From Delaware Administrator

  RE: CHANGE TO DELAWARE UNCLAIMED PROPERTY SECURITIES CUSTODIAN & REPORTING

Effective immediately, Delaware has changed its custodian for the
reporting of securities to Wells Fargo Advisors.

Any holders reporting and remitting securities to Delaware should follow
the updated instructions that are available in the State’s Holder
Reporting Guide (page 40).

https://lnkd.in/ewp8Jbei

Your Total Source for Unclaimed Property Compliance

Get in touch with us!

    Your Name (required)

    Your Email (required)

    Subject

    Your Message