Texas has issued a statement related to the due diligence requirements for the 2020 unclaimed property reporting cycle as a result of COVID-19.
- Holders who have trouble meeting the due diligence requirements due to COVID-19 will be provided additional time to send notice to owners (see below).
- Holders may use alternative means to provide notice to owners, including electronic mail, telephone or other reasonable means to provide the notice.
- Holders must allow owners a reasonable amount of time to respond to the notification prior to reporting the property.
The updates neither waive the requirement to provide notice before reporting unclaimed property, nor do they change the July 1, 2020 reporting deadline.
If you believe that you will be unable to provide effective notice to owners before the July 1, 2020 due date, request a waiver of penalty and/or interest for the properties due for your 2020 report. This request should include your business name, FEIN, the reason for the request, the date that you plan to submit your report and payment, and your contact information – including name, email address and phone number.
To submit your request or ask questions regarding this update, please contact the Holder Education and Reporting section at [email protected]. Texas Unclaimed Property Website: https://claimittexas.org
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. If you do not have access to the Keane Compliance Portal but want access please contact us via online form or e-mail [email protected].