This page addresses key areas of interest regarding Florida unclaimed property and escheatment laws and regulations.
Key Florida Unclaimed Property Reporting Deadlines
The deadline for annual reporting and remittance in Florida is April 30th for all holders of unclaimed property. Electronic reporting is required for reports that contain 25 or more different apparent owners and must be uploaded to Florida’s Holder Reporting Online System. Holders whose reports contain less than 25 apparent owners may report by using the manual input option.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Florida unclaimed property laws and regulations.
Florida Due Diligence Requirements
Florida requires due diligence notifications to be sent for any property that has a value of $50 or more. Due diligence letters must be sent each reporting cycle by first class mail no more than 120 days and no less than 60 days prior to filing a report. In each due diligence notice, the holder must identify and provide:
- The account that is inactive,
- The property value,
- A proper description of the property, and
- Contact information of the Holder
Florida Record Retention Requirements
Holders of unclaimed property in Florida are required to retain records of unclaimed property for five years after the property was reportable. However, due to Florida’s ten (10) year reach back period, the Department recommends that holders keep records of unclaimed property for at least ten (10) years in the event of an audit.
Florida Reciprocal Reporting
Florida does have reciprocity arrangements with some states. Florida will accept property on another state’s behalf; however the holder still must comply with each specific jurisdiction’s unclaimed property laws and regulations. Failure to comply may result in fines and penalties from those jurisdictions.
As a best practice, it is recommended that prior to preparing a reciprocal report, holders confirm the laws and reporting requirements of those states to which items are due. Some states do not accept reciprocal reports.
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Florida Unclaimed Property Links
Key Unclaimed Property Reporting FAQs
The Florida unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Unclaimed Property Reporting & Compliance FAQs
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Florida, and 54 other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.