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!
