unclaimed property compliance Archives - PEACC - Property Escheatment And Compliance Consulting

15 Apr 2025

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

Unclaimed Property Audits & Reviews

Sticky Post By peaccadmin On April 15, 2025

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

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

Minimize UP Exposure

Sticky Post By peaccadmin On March 14, 2025

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.

13 Mar 2025

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

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!

05 Mar 2025

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

How to Successfully Complete the Voluntary Compliance Process (“VCP”):

Sticky Post By peaccadmin On March 5, 2025

– 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

25 Feb 2025

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

What Areas of a Company are Analyzed to Perform a Thorough Unclaimed Property Review or Audit?

Sticky Post By peaccadmin On February 25, 2025

– Corporate structure
– Current and previous Chart of Accounts
– Review of Accounts that May Hold Uncashed Property
– Review of General Leger Trial Balances
– Any previous State unclaimed property reports.
– Any past audit reports & results
– Outstanding check listing of all disbursement accounts
– Accounts Receivables aging report
– Journal entries related to write-offs and any details
– Descriptions and any contracts related to any third-party administrators
– Any mergers & acquisitions reports and detail

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