The objective of the unclaimed property due diligence letter is to provide proper notice to the apparent owner of abandoned or unclaimed property in an attempt to resolve the item. This post will analyze the key elements of an effective due diligence mailing to both ensure compliance with state escheat laws and to maximize the return of property to owners.
Compliance (237 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.
New York has revised its voluntary compliance program for past-due general ledger property. Eligible holders that enroll can benefit from a reduced reach-back period of 10 years, previously 20 years. Holders electing not to participate in the program are required to use the audit reach-back start date of January 1, 1992.
We’re about six months away from the fall unclaimed property filing deadlines, but we’re already looking ahead and making our preparations. This unclaimed property reporting calendar will serve as a guide as we approach the October and November deadlines for the fall season.
Keane will be hosting a complimentary seminar in Seattle on May 18th to detail Washington unclaimed property and escheat law and upcoming changes. Highlights will include information on the new Penalty & Interest Waiver program being offered in advance of the fall reporting deadlines.
On March 14, 2017, Michigan 3791 2015 was adopted and sets forth new unclaimed property audit standards under Michigan’s Uniform Unclaimed Property Act. State and third-party auditors contracted by Michigan must now adhere to this new set of standards & practices when conducting an audit.