Unclaimed Property Archives - Page 7 of 7 - PEACC - Property Escheatment And Compliance Consulting

21 Mar 2024

Sticky Post By peaccadmin Posted in Illinois Unclaimed Property Permalink

Illinois Ramps Up Unclaimed Property Enforcement: What Businesses Need to Know

Sticky Post By peaccadmin 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.

State Unclaimed Property Audit Letter

Sticky Post By peaccadmin 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!

28 Feb 2024

Sticky Post By peaccadmin Posted in Unclaimed Property Consulting Permalink

Unclaimed Property Fines & Penalties for Non-Compliance

Sticky Post By peaccadmin On February 28, 2024

A Holder (Company) can be assessed Fines and/or Interest Penalties for Not Complying with State Unclaimed Property Laws.

Where Do I Report My Unclaimed Property?

Sticky Post By peaccadmin On February 27, 2024

1) Unclaimed intangible property is required to be reported to the State of the property Owner’s last known address as reflected on the Holder’s books and records;
2) Unclaimed intangible property is required to be reported to the Holder’s State of Incorporation if the Owner’s address is unknown, in a foreign Country, or in a State that exempts the property type.

Unclaimed Property Audit Triggers

Sticky Post By peaccadmin 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.

20 Oct 2018

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

Delaware VDA Opportunity Notification Letters

Sticky Post By peaccadmin On October 20, 2018

The State of Delaware has recently initiated a major unclaimed property enforcement effort by mailing Voluntary Disclosure Agreement (VDA) opportunity letters to hundreds of Delaware-incorporated companies nationwide.

60-Day Deadline is Critical: Companies receiving a VDA letter have only 60 days to formally respond and enter the program.
Failure to Respond = Audit: Companies that do not respond within 60 days will be immediately referred to the Delaware Department of Finance for a mandatory unclaimed property audit, often conducted by aggressive, third-party, contingency-fee auditors.
Best Practice Alert: All mailrooms and relevant personnel must be notified to actively look for official correspondence from the State of Delaware regarding this VDA program.
Proactive Compliance: Even if your company has not received a letter, as a Delaware-incorporated entity, it is a critical “best practice” to immediately review your unclaimed property compliance and reporting status to mitigate audit risk, as the State is poised to aggressively enforce its requirements.

For further information about this Delaware VDA letter writing campaign or the State’s VDA program and its benefits, please contact PEACC.com at 410.303.5510 for a free confidential consultation.