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

18 Mar 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Laws, Unclaimed Property Reporting Permalink

Common Fines & Interest Penalties for Holder Non-compliance in the State of California

Sticky Post By peaccadmin On March 18, 2025

Common Fines & Interest Penalties for Holder Non-compliance CA

Submitting Unclaimed Property Reports thru State Portal

Sticky Post By peaccadmin On March 13, 2025

Submitting Unclaimed Property Reports Through State
Reporting Portal But…

PEACC.COM FREE UNLAIMED PROPERTY CONSULTATION

Sticky Post By peaccadmin On March 11, 2025

PEACC is a leading provider of unclaimed property compliance solutions, helping companies of all sizes navigate the complexities of state regulations. We offer a range of services, from initial compliance reviews and report generation to audit defense and customized training programs. Our goal is to provide effective and cost-efficient solutions that minimize risk and ensure compliance with all state requirements.

We understand that unclaimed property compliance can be challenging, and we are committed to providing our clients with the support they need to succeed. Our team of experts has extensive experience in all aspects of unclaimed property, and we are dedicated to staying up-to-date on the latest regulations and best practices. We believe in building long-term partnerships with our clients, providing ongoing support and guidance to ensure their continued success.

Contact PEACC today. at 410.303.5510, to schedule a FREE consultation and learn how we can help your company achieve and maintain full compliance with unclaimed property laws.

11 Mar 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

A Formal Unclaimed Property Reporting Step Process

Sticky Post By peaccadmin On March 11, 2025

Prior to reporting any unclaimed property to the States, a formal set of
standard reporting procedures should be developed and followed
including:

1) Identify and track all unclaimed property.
2) Set up Liability Account/Spread sheet of all identified unclaimed properties.
3) Calculate correct State dormancy periods. (most cases 1,3 or 5 years)
4) Determine if any property may be exempt from State reporting.
5) Mail out State required Due Diligence/Search letters during State mandated time frames.
6) Prepare State reports in proper State formats.
7) Submit reports & remittance to the appropriate State, normally thru the State website portal.
8) Update records, including Liability account.
9) Enjoy a cup of coffee, until next year!

18 Feb 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

The Ins & Outs of State Reporting Unclaimed Property Due Dates

Sticky Post By peaccadmin On February 18, 2025

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

12 Feb 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

How Can You Be Filing Your Unclaimed Property Reports and Still Not be Compliant?

Sticky Post By peaccadmin On February 12, 2025

1) By using an incorrect dormancy period or cut off date.

2) By reporting all property to the wrong State or State of Incorporation.

3) By having lapses in your reporting history.

4) By not understanding the rules of customer generated contact or interest in property.

5) By failing to report all eligible property

6) By not performing the State required Due Diligence/Search Letter function.

7) Under reporting or not reporting all property types.

8) Not using the State mandated required report formats.

For further assistance with non-compliance reporting issues, please contact a professional at PEACC at 410.303.5510 or email us at info@peacc.com

30 Jan 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Compliance, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

Examples of Unclaimed Property in the Corporate World

Sticky Post By peaccadmin On January 30, 2025

– Vendor or Accounts Payable Checks
– Payroll Checks or Denied Automatic Payments/Direct Deposits
– Refunds/Rebates
– Account Receivables/Credit Balances
– Customer Overpayments
– Unapplied Cash
– Unredeemed Gift Certificates
– Dormant Back Accounts (Checking/Savings Accounts)
– Life Insurance Proceeds Due
– Uncashed Benefit Checks

23 Jan 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Consulting, Unclaimed Property Reporting Permalink

Unique Unclaimed Property Report Due Dates

Sticky Post By peaccadmin On January 23, 2025

States that have a unique report due date for Holders:

REPORT DUE DATE	STATE
March 1	Delaware
March 10	New York
March 31	Connecticut
April 15	Pennsylvania
April 30	Florida
May 1	Illinois
May 1	Vermont
July 1	Michigan
July 1	Texas

A Holder may or may not have unclaimed property due to any of the above mentioned States. But it’s a good idea to check and see. Note: most of the dormancy periods for the above mentioned States are going to be 3 or 5 years, depending on the type of property and State. For all other States, the report due date is either in the Fall or Spring, depending on the Holder & Property type. 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

23 Jan 2025

Sticky Post By peaccadmin Posted in Unclaimed Property Audits, Unclaimed Property Reporting Permalink

Delaware Unclaimed Property (VDA)

Sticky Post By peaccadmin On January 23, 2025

Now that your fall unclaimed property reporting is complete, your PEACC Team of Advisors would like to announce Delaware is schedule to send out the next round of VDA invitations on November 15, 2024. The State last sent invitation letters out in February 2024.

If your organization receives a VDA (Voluntary Disclosure Agreement) invitation Letter from Delaware and fails to timely respond, you will become eligible for the dreaded, unclaimed property audit. Contact the professionals at PEACC to discuss your options, along with the process, at 410.303.5510.

https://lnkd.in/eTMSCMqp
VDA Invitation Dates – VDA Program – State of Delaware
vda.delaware.gov

15 Jan 2025

Sticky Post By peaccadmin Posted in D. Patrick ("Pat") Healy, Unclaimed Property Reporting Permalink

Reason Why Your Unclaimed Property Report was Rejected

Sticky Post By peaccadmin 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!