Unclaimed Property Consulting Archives - PEACC - Property Escheatment And Compliance Consulting

17 Apr 2024

Sticky Post By peaccadmin Posted in Unclaimed Property Consulting Permalink

Is Unclaimed Property Legit?

Sticky Post By peaccadmin On April 17, 2024

Is Unclaimed Property Legit? Visit PEACC.com if your company needs assistance with an audit, unclaimed property reporting or process controls. PEACC.com has it all.

Unclaimed Property Compliance – CALL NOW TO REDUCE YOUR FEES

Sticky Post By peaccadmin On March 18, 2024

After spending months or even years bringing your company into compliance with all the various State unclaimed property/escheatment laws and regulations, all while spending tens or even hundreds of thousands of dollars, now it the time to review your fees and SAVE.

If you are incurring compliance fees for a department that does not even make your company any money, why continue paying large amounts yearly?

There are alternatives available starting with PEACC.com with over 25 years of experience assisting holders with their unclaimed property compliance.

Times are tough, do your company a favor, contact PEACC 410.303.5510 or info@peacc.com to hear how PEACC may be able to lower your ongoing compliance bills going forward.

Stop paying for high priced Holder Advocates and start paying for unclaimed property compliance experience!

Do yourself and your company a favor, call now and hear how PEACC can help in lowering your fees in your yearly compliance efforts.

It may be worth it!

What have you got to lose?

06 Mar 2024

Sticky Post By peaccadmin Posted in Unclaimed Property Consulting Permalink

What Constitutes Intangible Unclaimed Property Reportable Under the Law?

Sticky Post By peaccadmin On March 6, 2024

Generally intangible personal property for which there has been no owner generated activity for a specified period of time called “dormancy period” or “holding period”, is considered dormant or unclaimed.

Examples of intangible unclaimed property include:
-Uncashed payroll or commission checks
-Uncashed accounts payable/vendor checks
-Accounts receivable credit balances
-Gift certificates/gift cards
-Customer merchandise credits, layaways, deposits, refunds or rebates
-Overpayments/unidentified remittances
-Suspense accounts -Unused/outstanding benefits (non-ERISA)
-Goods received but not invoiced
-Miscellaneous income/bad debt expense accounts

28 Feb 2024

Sticky Post By peaccadmin Posted in Unclaimed Property Consulting Permalink

Unclaimed Property Fines & Penalties for Non-Compliance

Sticky Post By peaccadmin On February 28, 2024

A Holder (Company) can be assessed Fines and/or Interest Penalties for Not Complying with State Unclaimed Property Laws.

PEACC.com New To State Unclaimed Property Reporting Requirements?

Sticky Post By peaccadmin On February 26, 2024

Who Is Required To Report Unclaimed Property?

1) Corporations –
Retail
Manufacturing
Service/Hospitality Industry
Others (Utilities, Gov’t Jurisdictions,
Colleges/Universities, Hospitals, etc.)

2) Banks & Financial Institutions

3) Insurance –
Life Insurance
Non-Life Insurance

Think You’re In Compliance? – Think Again – You May Need Unclaimed Property Consulting from PEACC.com

Sticky Post By peaccadmin On February 16, 2024

How can a Holder/Company be reporting unclaimed property and still not be compliant?

– By disregarding or not performing the State mandated
annual due diligence/search letter mailing.
– By reporting all property to just one State or the State of
Incorporation.
– By reporting property using an incorrect holding/dormancy
period or ‘covered to/cut off” date.
– By assuming a third-party is reporting certain unclaimed
property on your behalf (benefits/payroll).
– By having a lapse in reporting history or consistency.
– By under or over reporting or failure to report all property.
dollar amounts or types.
– By not filing Negative or Nil Reports.
– By not understanding the customer/payee-generated contact
rules.

27 Feb 2020

Sticky Post By peaccadmin Posted in Unclaimed Property Consulting Permalink

Key Points from Delaware’s February 2020 VDA Invitation – PEACC.com

Sticky Post By peaccadmin On February 27, 2020

• Delaware’s Secretary Of State Voluntary Disclosure Agreement (“VDA”) invitations mailed out in February 2020 have been granted a response extention.
• Responses are now required by July 18, 2020.
• These extension only apply to companies that received the VDA invitation in February 2020.
• Recipients of this letter may include the CFO, General Counsel, Accounting Manager or others.
• It is important to inform all persons and departments of what action they should take if they have received this February 2020 DE VDE invitation letter.
• If recipients do not respond to the invitation by the July 18, 2020 due date, they may/will be referred for an unclaimed property audit.
If you firm is contemplating participating in the Delaware VDA invitation, please feel free to contact us at 410.303.5510 for a free discussion as to whether or not it may be right for you.