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.
Reason Why Your Unclaimed Property Report was Rejected –
There a numerous reasons why a State may reject your annual unclaimed property report, including non-compliance –
Certain States require specific information be included on their State unclaimed property reports, including that they be in the appropriate format in order that they are accepted. – California and Florida will reject reports if payroll property is lacking the Owner’s social security number. – Tennessee requires that the NAICS be included on all uploaded unclaimed reports – Tennessee, Washington, District of Columbia and Delaware are just a few of the State entities that require all state reports be uploaded to their State website portal – When reporting property type Mineral Proceeds, certain States, including, Texas, Arkansas and Oklahoma require the well name, well number and well location be included on all State reports when reporting Mineral Royalties or the report may be rejected. – Alabama, Nevada and Tennessee are a few of the States, where if the remittance is not received electronically, the report will be rejected and returned to the Holder. – Spelling and not listing the property clearly on the State report may cause rejections and for the report to be returned back to the Holder. – Reports not received by the States deadline (in most cases before November 1 or May 1 each year) may also be rejected and returned to the Holder. As you can see, there are numerous reasons why a State report may be rejected. Protect your company while saving time and money by contacting PEACC now to determine how not to have your report rejected. Please call 410.303.5510 or email info@peacc.com. We’ll be glad to assist!
PEACC.com
Reason Why Your Unclaimed Property Report was Rejected January 14th, 2025peaccadmin
