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?
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!
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
Call PEACC for Compliance 410.303.5510
The Ins & Outs of State Reporting Unclaimed Property Due Dates February 17th, 2025peaccadmin
– done by individual State or can be done jointly with other State(s).
Reciprocal Audit
– One State audits on behalf of other State(s) – Expenses and resources are shared
Private Audit Firms
– State Contracts Out Third-Party Audit Firm – May Get Paid Based Upon a Percentage of What They Find
Telephone Audits & Reviews
– State contacts Holder via phone. – Listen for uncertainties & inconsistencies in voice.
“Highway Audits”
– State audit employees look for newspaper headlines, billboards and trucks while out of office for audit candidates.
For further information about the types of unclaimed property audits and how to navigate thru them, please contact the experts at PEACC at 410.303.5510 or email us at info@peacc.com
Call PEACC for Compliance 410.303.5510
TYPES OF UNCLAIMED PROPERTY AUDITS & REVIEWS February 4th, 2025peaccadmin
States that have a unique report due date for Holders:
REPORT DUE DATE
STATE
March 1
Delaware
March 10
New York
March 31
Connecticut
April 15
Pennsylvania
April 30
Florida
May 1
Illinois
May 1
Vermont
July 1
Michigan
July 1
Texas
A Holder may or may not have unclaimed property due to any of the above mentioned States. But it’s a good idea to check and see. Note: most of the dormancy periods for the above mentioned States are going to be 3 or 5 years, depending on the type of property and State. For all other States, the report due date is either in the Fall or Spring, depending on the Holder & Property type. 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
Unique Unclaimed Property Report Due Dates January 23rd, 2025peaccadmin
Now that your fall unclaimed property reporting is complete, your PEACC Team of Advisors would like to announce Delaware is schedule to send out the next round of VDA invitations on November 15, 2024. The State last sent invitation letters out in February 2024.
If your organization receives a VDA (Voluntary Disclosure Agreement) invitation Letter from Delaware and fails to timely respond, you will become eligible for the dreaded, unclaimed property audit. Contact the professionals at PEACC to discuss your options, along with the process, at 410.303.5510.
