In order to get in and remain compliant with the State reporting requirements Holders must:
– Identify all unclaimed property on an annual basis – Calculate dormancy periods based on the State property is due to; and depending on type of property and whether it would be reportable in 1,3, 5, 7 or 15 years – Determine if any property may be exempt from State reporting – Send State required Due Diligence/Search Letters out approximately 60 to 90 days prior to the State report due date – Prepare and generate State reports in the required State format – Update Holder records as to whether dormant property was reported/remitted to the State, paid to Owner or was an error in records
For additional information on how to track & comply with your State unclaimed property reporting obligations please contact PEACC at 410.303.5510 or email at info@peacc.com
Call PEACC for Compliance 410.303.5510
Unclaimed Property Reporting Steps April 21st, 2025peaccadmin
Who has the ability to audit Holders? Most State jurisdictions have the ability/authority to preform the dreaded Unclaimed Property Audit. Most States have their own audit staff conducting their own various State Audits. But most States still contract with third-party auditors. These third-party auditors have, in the past, conducted contingency fee Unclaimed Property Audits. Where these firms get a percentage of what they uncover from the Holder. Now, most States pay an hourly rate to perform Audits on behalf of a State. The third-party auditors under contract with most States, include the following firms:
• Kelmar Associates, LLC • Specialty Audit Services (SAS) • Kroll (was Versus Financial) ︎• Treasury Services Group, LLC (TSG) • Innovative Advocates Group, LLC • Discovery Audit Services (DAS) • Escheatment Expertise Consulting Services (EECS) • Faegre, Drinker, Biddle & Reath (FDBR) • KDAC, LLC • Barnes & Thornburg For further help in navigating the complexities of third-party unclaimed property auditors, please contact PEACC at 410.303.5510 or email us at info@peacc.com
Call PEACC for Compliance 410.303.5510
Unclaimed Property Audits & Reviews April 15th, 2025peaccadmin
How Does a Company Minimize Their Unclaimed Property Exposure & Implement Best Practices?
– Ensure you are abiding to all State reporting deadlines and compliance calendars. – Understand and abide to the various compliance rules and regulations along with your industry requirements. – Establish and implement unclaimed property liability accounts. Update them monthly. – Perform all State mandated due diligence/search letter mailings. Stay on top of rules & requirements. – Investigate and implement any possible outsource solutions. – File reports annually & consistently as required. Maintain copies of reports. – Document and maintain support of what you DO NOT owe the States. – Maintain a log of State’s offering Voluntary Disclosure Agreements (“VDA”) and all specifics. – Conduct periodic reviews of all functions. – Assign personnel and define rolls.
States Performing Formal Unclaimed Property Reviews –
There are currently only a handful of States conducting Formal Unclaimed Property Reviews. To successfully complete one of these Reviews, the following areas should be investigated and analyzed:
– Any written Unclaimed Property policies & procedures. – Expectations about how certain Property types are handled/reported. – Reporting history of all entities including acquisitions & divestitures. – How are outstanding/uncashed checks treated on closed bank accounts? – Any De Minimus policies or rulings?
Some New Yorkers Could Receive Up to Suprise $250 in Mail! Based on a recently passed law and starting this month, January 2025, New Yorkers could receive up to $250 automatically from the State’s Controller’s Office, states a recent news article from the New York Post. These funds may include funds from unclaimed and old bank accounts, investments, gift cards and insurance checks that were turned over to the States after they weren’t claimed in enough time. State residents do not need to do a thing!
Under the recently passed law, the Controller’s Office will automatically mail out checks to Owners who have property owed to them up to $250. Since most unclaimed property can be between $70 & $100, this will cut down on some of the headaches associated with claiming this property. The State will still verify that this property is rightfully theirs.
Please note, the checks will only be mailed to Owners of property up to $250. Owners will still have to submit a claim with the State on any property over $250. Prior to this announcement, Owners had to go through the headache of filing a claim with the State to reclaim all unclaimed property due to them, no matter what the amount.
This is a significant benefit for New York residents and Owners of unclaimed property because it cuts down on all the red tape and hoops Owners need to jump through to reclaim this rightful ownership to the property.
We can only hope additional States implement this new ruling the State of New York just announced. Although this new ruling is only for property reported to the State of New York as unclaimed from January 2025, going forward. For property reported prior to January ’25, the Owner will still need to file a claim with the State in order to reclaim it.
We can only keep our fingers crossed more States adopt this ruling to alleviate the burden, headaches and wait times Owners have experienced when trying to reclaim funds that are rightfully owed to them. So sit tight New Yorkers, funds may be coming your way in the mail!
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New Yorkers Could Receive Up to Surprise $250 in Mail! March 11th, 2025peaccadmin
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.
Call PEACC for Compliance 410.303.5510
PEACC.COM FREE UNLAIMED PROPERTY CONSULTATION March 11th, 2025peaccadmin
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!
– 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
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