February 16, 2024 peaccadmin

Think You’re In Compliance? – Think Again – You May Need Unclaimed Property Consulting from PEACC.com

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
– 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

You Reported Unclaimed Property, But Are You Compliant?

Stated another way, companies often think reporting unclaimed property ensures compliance. Not quite! Here are hidden pitfalls:

  • Skipping mandated “owner search” letters.
  • Reporting to just one state (it depends on owner location).
  • Using wrong dormancy periods.
  • Assuming a third-party reports benefits/payroll.
  • Inconsistent reporting history.
  • Incorrect property amounts or types.
  • Failing to file reports with zero unclaimed property.

Understanding these risks can save you from penalties and audits.

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