Escheatment

Delaware Unclaimed Property Law Overhauled

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Significant Changes Affecting Compliance, VDAs and Audit Enforcement Senate Bill (SB 13) was signed into law by Delaware Governor Carney on February 2, 2017.  The new law, which became effective upon being signed, makes sweeping reforms to Delaware’s unclaimed property statute (the “UPL”). These changes follow years of scrutiny of the state’s unclaimed property practices,… Read more »

Uniform Unclaimed Property Act: Major Update Will Affect AP Compliance

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Accounts payable professionals would be wise to be aware that a new draft of the Uniform Unclaimed Property Act (UUPA) was approved in July. The revised UUPA (“RUUPA”) will now move on to the states and territories for their review and adoption. The RUUPA may have a far-reaching impact on state and territorial requirements governing... Read more »
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Canada Unclaimed Property

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Québec Revenu Québec administers unclaimed property in Québec. After three years, unclaimed financial assets, including uncashed checks, are deemed unclaimed property, at which time the holder of the property must perform due diligence in locating the owner. If the holder cannot locate the owner, then they must remit the property to Revenu Québec on an... Read more »
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Keeping Up with Unclaimed Property

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Unclaimed property is a source of concern and a potential liability for companies. “Many companies are being audited, and a number of states use third-party auditors who are paid on a contingency fee basis,” says Karen L. Anderson, J.D., Vice President, Reporting Compliance, at Keane Unclaimed Property. “In addition, the costs of noncompliance can be... Read more »
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Process Unclaimed Property Correctly and Avoid Penalties

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State laws governing the reporting of unclaimed property are varied and complex, but in order to avoid penalties and interest, AP managers must ensure that outstanding items are properly identified and either resolved or reported. “States have become aggressive in doing auditing for unclaimed property over the last five years,” warns Karen L. Anderson, Vice... Read more »
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Unclaimed Property: What Are Your Due Diligence Obligations?

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Before you can report and remit unclaimed property you must fulfill your due diligence requirement. That is, you must attempt to contact the owner of dormant property to give them a last opportunity to claim the property from the holder before it is turned over to a State Unclaimed Property Administration. Due diligence makes for... Read more »
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A Sweet Source of Revenue for the States

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Today, all 50 states, Guam, Puerto Rico, the Virgin Islands, and the Canadian provinces of Alberta, British Columbia, Ontario, and Quebec have unclaimed property laws on their books. Unclaimed property laws are considered “custodial” in nature. This means that the property remitted or transferred to a state, as required under its unclaimed property laws, is... Read more »
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Unclaimed Property Reporting Dates by State

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Updated October 2016 Disclaimer:  This information provided for reference only. Keane updates this information for IOFM annually; while Keane makes every effort to ensure its accuracy, unclaimed property laws and regulations are dynamic and often change with short notice.  Please consult Keane, your compliance staff, or contact specific states to obtain the most current information before reporting... Read more »
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Unclaimed Property Aggregate Reporting

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Most states designate a dollar amount below which only minimal detail information is required in your unclaimed property report. The reporting threshold varies from state to state, ranging from 10 dollars to 100 dollars, with a majority of states setting the cutoff at 50 dollars. Items below the reporting threshold may be aggregated into a... Read more »
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State Unclaimed Property Web Site Links

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The following table lists state URLs that lead to individual states’ information on unclaimed property reporting and compliance for each state. (In some cases, you must follow menu links to get to the information.) Also included is the Commonwealth of Puerto Rico. Updated July 2016 State URL for Unclaimed Property Information Alabama http://treasury.alabama.gov/unclaimed-property/ Alaska http://treasury.dor.alaska.gov/UnclaimedProperty.aspx... Read more »
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