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.
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
– 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
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.
Below is the escheatment timeline by state:
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
Call PEACC for Compliance 410.303.5510
The Ins & Outs of State Reporting Unclaimed Property Due Dates February 13th, 2026peaccadmin
Unclaimed property in the corporate world typically refers to intangible property and are funds owed to another party that have remained unclaimed or uncashed for a specific time period. Normally a period of one, three or five years, known as the dormancy period. After this dormancy period expires, the property is required to be reported and remitted to the Owner’s State of last know address or State of Incorporation if the address is unknown. – The property must be fixed and under certain legal obligations. – The States take custody of these unclaimed funds and hold the property until the rightful Owner comes forward to claim them. – All States have reporting requirements including D C , Guam, Puerto Rico & the Virgin Islands. – Unclaimed Property Reporting is NOT a tax – traditional NEXUS does not apply.
