As many companies were, and continue to be, impacted by COVID-19 an increased need for unclaimed property reporting extensions has occurred. We believe this increase occurred due to physical office closures and competing priorities as business continuity and employee safety became more important. Keane has been filing for extensions as needed for clients whom we do the reporting for and we’ve noticed an approximately 20% increase in extension requests.
A few states were slower to release extension guidance or did not have the authority to immediately change their extension policies. Despite these challenges we only encountered a few, minor issues when filing extensions for the Spring states. Most states have been willing to work with holders due to the restrictions and limitations that COVID-19 has presented. With that being said, every state is different and there are more Fall states than Spring states so there may be additional hurdles that we have not seen. As with anything else unclaimed property related, “it depends” on the state.
If you do file for an unclaimed property filing extension with a state make sure that you receive confirmation from the state that your request for extension has gone through. Also, don’t forget to file an extension for all applicable states, not just your state of incorporation, as every state has its own unclaimed property department and procedures.
We will continue to keep track of state filing extensions especially as Fall deadlines come around and many services and business continue to be impacted by COVID-19. As the states continue to update us with important reporting-related information, visit our dedicated COVID-19 Changes to State Deadlines page. We have also compiled more detailed information on the Keane Compliance Portal including a new state by state extension matrix with the latest information.