– Apply for and receive approval for enrollment into the program from the VCP State. – Complete any formal educational/training given by the State, if any. – Review your books and records for unclaimed property. – Preform and complete Holder required Due Diligence Mailings. – Submit a preliminary “Notice” report to the State. If approved: – Submit a final “Remit” report to the State along with any remittance.
For further information regarding reports or unclaimed property compliance issues, please contact the professionals at PEACC by calling 410.303.5510 or email us at info@peacc.com
Call PEACC for Compliance 410.303.5510
How to Successfully Complete the Voluntary Compliance Process (“VCP”): March 3rd, 2025peaccadmin
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
The Four Phases of the Unclaimed Property Audit Process include:
PHASE I ~ Entity & property types scoping – Public information review/10k – Tax Return review – Analysis of general ledgers & Review of all legal entities
PHASE II ~ Quantification of Any Potential Unclaimed Property – Bank Accounts detail (aged trial balances review) – Transaction level detail (aged outstanding check listings, Accounts Receivables credit write-offs, etc.)
PHASE III ~ Research Analysis, Remediation & Due Diligence Adjustments – Individual Property type & Entity exposure provided to Holder. – Research, Remediation and due diligence results included in final findings.
PHASE IV ~ Unclaimed Property agreed upon final report and remittance sent in to State.
How States are increasing enforcement and compliance with the State Unclaimed Property laws and regulations.
1) Mailing out of Compliance Reminder Notification letters. – Reminding Holders who do business in their State of their State reporting obligations – Mailing out Reminder letters of their reporting deadlines/due dates.
2) Mailing out Self-Audit or Voluntary Disclosure Agreement (“VDA”) Invitation notices. – Prior to initiating an unclaimed property audit, the State will mail the Holder an invitation to enter into a self audit or VDA program.
3) More States are establishing Voluntary Disclosure Programs (VDP’s) – Prior to starting an Audit, States will invite the Holder to Voluntary participate in a Self-Audit program or review.
4) Establishment of State Voluntary Disclosure Programs/Agreements – Many States have developed Voluntary Disclosure Programs for Holders as an incentive to come into compliance with State laws without the threat of interest or penalties.
5) The Dreaded State Unclaimed Property Audit – A State may use State employees to conduct Unclaimed Property Audits on the State’s behalf. – Most States will use a third-party auditing firm, compensated on a agreed upon contingency fee. Although this contingency fee arrangement is currently frowned upon within the industry.
For further information regarding reports or unclaimed property compliance issues, please contact the professionals at PEACC by calling 410.303.5510 or email us at info@peacc.com
Call PEACC for Compliance 410.303.5510
How States are increasing enforcement and compliance with the State Unclaimed Property laws and regulations January 23rd, 2025peaccadmin
~ 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
What Makes Up Your Yearly Unclaimed Property Process? January 14th, 2025peaccadmin
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.
Unclaimed Property (UP) In-house Program January 9th, 2025peaccadmin
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.
WHAT IS UNCLAIMED PROPERTY? January 9th, 2025peaccadmin
