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 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.
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.