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.
Compliance (267 articles)
Most state estimates suggest that only 15 to 35 percent of companies are in full compliance with unclaimed property laws, and even those who are in compliance technically may be underreporting because they aren’t correctly interpreting what the law requires. Here you will find best practices and articles to help you comply with unclaimed property rules and regulations.
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.
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.