Despite the best of intentions, many organizations fall victim to the complexities and difficulties of unclaimed property reporting. With this in mind, how many of these unclaimed property reporting pain points is your organization currently experiencing?
Compliance (276 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.
Barbara Rice, Keane’s State Compliance Liaison, who previously managed the unclaimed property programs in both Ohio and South Carolina, recently reached out to multiple state unclaimed property administrators to inquire as to the types of information that they wish that holders knew prior to filing reports. This is their “Wish List”.
The California Superior Court held that the guidance issued by the Controller’s Office in its unclaimed property holder handbook amounted to improperly promulgated regulations under the California Administrative Procedure Act, which requires a public comment period, and were therefore unenforceable.