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

21 Apr 2025

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

Unclaimed Property Reporting Steps

Sticky Post By peaccadmin On April 21, 2025

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

14 Mar 2025

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

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.

12 Mar 2025

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

UP Compliance Reviews

Sticky Post By peaccadmin On March 12, 2025

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?

27 Jan 2025

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

How States are increasing enforcement and compliance with the State Unclaimed Property laws and regulations

Sticky Post By peaccadmin On January 27, 2025

How States are increasing enforcement and compliance with the State Unclaimed Property laws and regulations.

1) Mailing out of Compliance Reminder Notification letters.
– Reminding Holders who do business in their State of their State reporting obligations
– Mailing out Reminder letters of their reporting deadlines/due dates.

2) Mailing out Self-Audit or Voluntary Disclosure Agreement (“VDA”) Invitation notices.
– Prior to initiating an unclaimed property audit, the State will mail the Holder an invitation to enter into a self audit or VDA program.

3) More States are establishing Voluntary Disclosure Programs (VDP’s) – Prior to starting an Audit, States will invite the Holder to Voluntary participate in a Self-Audit program or review.

4) Establishment of State Voluntary Disclosure Programs/Agreements – Many States have developed Voluntary Disclosure Programs for Holders as an incentive to come into compliance with State laws without the threat of interest or penalties.

5) The Dreaded State Unclaimed Property Audit – A State may use State employees to conduct Unclaimed Property Audits on the State’s behalf.
– Most States will use a third-party auditing firm, compensated on a agreed upon contingency fee. Although this contingency fee arrangement is currently frowned upon within the industry.

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

22 Jan 2025

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

What to Expect during your self-audit

Sticky Post By peaccadmin On January 22, 2025

Been given the option to perform a self-audit or review vs a state or state sponsored 3rd-party unclaimed property audit?

Here’s what to expect during your self-audit/review.

– The States allow less time to complete a self-audit/review vs a full fledged State sponsored audit to be completed.
– The States expect a thorough review of the company’s books & records for the entire lookback period. Normally 10 years plus the dormancy period.
– The State will utilize a State sponsored 3rd-party auditing firm to assist is gathering information and reviewing it.
– State report submission is normally done through a State webpage portal in a specific, State approved, format.
– If, after adequate testing and reviews are completed, Self-Audits can be completed fairly quick and without too many headaches.

For help with self-audits or any questions regarding this process, please reach out to one of the Professionals at PEACC by calling 410.303.5510 or email us at info@peacc.com

16 Jan 2025

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

Consequences for Not Having a Unclaimed Property Program

Sticky Post By peaccadmin On January 16, 2025

Consequences for Not Having a Yearly Unclaimed Property Compliance Process in Place.
There are harsh implications for Holders who do not have a annual unclaimed property compliance program including:

– For Holders who do not submit annual unclaimed property reports
– For Holders who file inconsistent, inaccurate or non-compliant annual reports
– Not reporting all property types in reports
– Filing annual unclaimed property reports late
– Holders run the risk of being audited which could lead to hefty fines/interest rates and penalties

As you can see, identifying, monitoring, reporting and complying with all State unclaimed property reporting laws & requirements are very important functions to have implemented within your organization.

For help in developing and implementing an annual unclaimed property reporting process or any questions regarding this process, please reach out to one of the Professionals at PEACC by calling 410.303.5510 or email us at info@peacc.com

14 Jan 2025

Sticky Post By peaccadmin Posted in Unclaimed Property Compliance, Unclaimed Property Consulting Permalink

What Makes Up Your Yearly Unclaimed Property Process?

Sticky Post By peaccadmin On January 14, 2025

~ To reduce your unclaimed property liability and exposure
~ Obtain and maintain compliance with all State unclaimed property laws and regulations
~ Protect the Holder’s bottom line
~ Reunite Owner with their unclained assets; State maintains custody of property until Owner is found and reunited with lost property
~ Owners only have one centralized place to look for lost property

For help in developing and implementing an unclaimed property processes or any questions regarding this process, please reach out to one of the Professionals at PEACC by calling 410.303.5510 or
email us at info@peacc.com