How can a Holder/Company be reporting unclaimed property and still not be compliant?
– By disregarding or not performing the State mandated
annual due diligence/search letter mailing.
– By reporting all property to just one State or the State of
Incorporation.
– By reporting property using an incorrect holding/dormancy
period or ‘covered to/cut off” date.
– By assuming a third-party is reporting certain unclaimed
property on your behalf (benefits/payroll).
– By having a lapse in reporting history or consistency.
– By under or over reporting or failure to report all property.
dollar amounts or types.
– By not filing Negative or Nil Reports.
– By not understanding the customer/payee-generated contact
rules.
Your Total Source for Unclaimed Property Compliance
Get in touch with us!