Unclaimed Property

29 Apr 2024
Sticky Post By Posted in Unclaimed Property Consulting With No Comments Permalink

UNCLAIMED PROPERTY: WHAT’S IT ALL ABOUT?

Sticky Post By On April 29, 2024 With No Comments

Unclaimed property involves intangible property, normally cash, checks or securities. The only
tangible property involved would be safe deposit box contents that goes unclaimed if the
holder/bank may have lost contact with the owner. This would constitute unclaimed property
when the state dormancy/holding period has been met.

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21 Mar 2024
Sticky Post By Posted in Illinois Unclaimed Property Permalink

ILLINOIS STEPPING UP ENFORCEMENT EFFORTS

Sticky Post By On March 21, 2024

Most companies in Illinois are required to file an unclaimed property report with the state, even if they have no property to report, also known as a “negative report”. If you receive one of these enforcement letters from the state of Illinois or any state jurisdiction, please contact the professionals at PEACC at 410.303.5510, to discuss how to respond and how to proceed.

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18 Mar 2024
Sticky Post By Posted in Unclaimed Property Consulting Permalink

Unclaimed Property Compliance – CALL NOW TO REDUCE YOUR FEES

Sticky Post By On March 18, 2024

After spending months or even years bringing your company into compliance with all the various State unclaimed property/escheatment laws and regulations, all while spending tens or even hundreds of thousands of dollars, now it the time to review your fees and SAVE.

If you are incurring compliance fees for a department that does not even make your company any money, why continue paying large amounts yearly?

There are alternatives available starting with PEACC.com with over 25 years of experience assisting  holders with their unclaimed property compliance. 

Times are tough, do your company a favor, contact PEACC 410.303.5510  or info@peacc.com to hear how PEACC may be able to lower your ongoing compliance bills going forward.

Stop paying for high priced Holder Advocates and start paying for unclaimed property compliance experience!

Do yourself and your company a favor, call now and hear how PEACC can help in lowering your fees in your yearly compliance efforts.

It may be worth it!

What have you got to lose?

14 Mar 2024
Sticky Post By Posted in Unclaimed Property Audits Permalink

State Unclaimed Property Audit Letter

Sticky Post By On March 14, 2024

“Please forward the State your company’s written unclaimed property policies & procedures for reporting your property….”

Does the above phrase make you shiver, squirm?

Unfortunately, if your company is ever selected for the dreaded unclaimed property audit, prior to commencement, the first area of audit will be the review of the company’s unclaimed property policies and procedures.

This audit request is used to determine if the company is fulfilling their obligations of turning over their unclaimed property to the appropriate State and doing it in compliance with each State’s laws and reporting regulations. 

If the Holder has formal unclaimed property policies and procedures, great! You’re one step ahead of most companies.

You will most likely still be audited for your unclaimed property compliance, but the State or third-party auditing firm may not look as intensely at companies who do NOT have formal written policies and procedures in place.

If you do NOT have formal written policies and procedures in place within your organization or what you have can use a review or update(s), let the Professionals at PEACC assist with the development or revision of your unclaimed property policies and procedures. 

Please contact one of the professionals today at PEACC at 410.303.5510, to hear how we can develop customize unclaimed property policies & procedures or review your current policies and procedures to ensure you are compliant with your State reporting obligations.

Act now before the States come calling!

26 Feb 2024
Sticky Post By Posted in Uncategorized, Unclaimed Property Consulting Permalink

PEACC.com New To State Unclaimed Property Reporting Requirements?

Sticky Post By On February 26, 2024

Who Is Required To Report Unclaimed Property?

1) Corporations –
Retail
Manufacturing
Service/Hospitality Industry
Others (Utilities, Gov’t Jurisdictions,
Colleges/Universities, Hospitals, etc.)

2) Banks & Financial Institutions

3) Insurance –
Life Insurance
Non-Life Insurance

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19 Feb 2024
Sticky Post By Posted in Unclaimed Property Audits Permalink

Unclaimed Property Audit Triggers

Sticky Post By On February 19, 2024

Ever wonder what may trigger an unclaimed property audit examination?

Stay alert to the following audit triggers:

1) The company has never filed unclaimed property reports in the past.

2) The company is not reporting all required property types.

3) The company files back-to-back negative reports stating they have no property to report.

4) The company is not reporting like a similar company/competitor is.

5) The company has spikes and dips in their annual reports.

6) The company has been the the news recently.

7) The company has acquired or merged with another company.

8) The property owners have repeatedly contacted the State to claim funds.

9) The industry has randomly been selected for audit.

10) The company does not respond to an inquiry from a State.




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