As COVID-19 continues to create unique operational challenges for unclaimed property holders at this time, several states continue to issue statements related to extensions for reporting deadlines and extension procedures. We have compiled these statements in our COVID-19 Changes to State Deadlines and Extension Procedures page and will continue to update this information on a regular basis.
During the Spring 2020 unclaimed property reporting season many states provided blanket extensions to their unclaimed property filing deadlines. We have not seen this trend continue into the Fall 2020 unclaimed property reporting cycle. However, many states do offer extensions to holders that submit for an extension via their approved method and following their specific jurisdiction’s rules and regulations.
Each state has its own extension request format and means of submitting an extension request. The format for submitting extension requests varies from email, web portal, form completion, fax or signed document on company letterhead. There are even some states (AL, MO, TX, etc.) that do not allow for unclaimed property reporting extensions at all. Extension requests can range from 30 to 120 days depending on the states rules and regulations. Also, depending on the state, an extension request may be required well in advance of the filing deadline while other states allow extension requests up until the filing due date. Yet another difference between states’ filing extensions is that some states will automatically accept the extension request; however, most unclaimed property extension requests must be approved by the state on a case by case basis.
We understand how difficult it can be to keep up with these constantly changing rules and regulations that vary from state to state. That’s why we’re here to help!