Consequences for Not Having a Yearly Unclaimed Property Compliance Process in Place.
There are harsh implications for Holders who do not have a annual unclaimed property compliance program including:
– For Holders who do not submit annual unclaimed property reports
– For Holders who file inconsistent, inaccurate or non-compliant annual reports
– Not reporting all property types in reports
– Filing annual unclaimed property reports late
– Holders run the risk of being audited which could lead to hefty fines/interest rates and penalties
As you can see, identifying, monitoring, reporting and complying with all State unclaimed property reporting laws & requirements are very important functions to have implemented within your organization.
For help in developing and implementing an annual unclaimed property reporting process or any questions regarding this process, please reach out to one of the Professionals at PEACC by calling 410.303.5510 or email us at info@peacc.com
