Unclaimed Property Audit, Unclaimed Property Reporting
In our 65+ years of business we found that many companies operate under factually inaccurate assumptions. These unclaimed property myths or misconceptions cover everything from why the company has not been reporting, to why they report in a certain manner. Here are some of the most interesting and most concerning unclaimed property myths that Keane has heard.
If passed, a California VDA program would be a welcome sign for the holder community. California has not offered a voluntary compliance initiative since its amnesty program closed in 2002. Eligible holders would receive a complete waiver of interest and penalties.
States have the statutory authority to assess penalties and interest for past-due unclaimed property reports. While almost all jurisdictions have some form of penalties or interest assessment for late filings, below is a small sampling of specific states that automatically assess penalties and interest.
Compliance, Unclaimed Property Audit
As with most other aspects of unclaimed property law, there is no such thing as uniformity. Recent legislation in Delaware, Illinois, Massachusetts, South Carolina, and Wisconsin continues to reflect the opposing state viewpoints on the use of third-party contingency fee auditors.
In this blog post, we’ve highlighted two case studies that detail real-life business applications and challenges associated with unclaimed property within the FinTech industry. These studies also provide measures and best practices that all companies can use to ensure compliance with state laws.
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