PEACC Consulting

PEACC.COM FREE CONSULTATION PEACC is a leading provider of unclaimed property compliance solutions, helping companies of all sizes navigate the complexities of state regulations. We offer a range of services, from initial compliance reviews and report generation to audit defense and customized training programs. Our goal is to provide effective and cost-efficient solutions that minimize risk and ensure compliance with all state requirements. We understand that unclaimed property compliance can be challenging, and we are committed to providing our clients with the support they need to succeed. Our team of experts has extensive experience in all aspects of unclaimed property, and we are dedicated to staying up-to-date on the latest regulations and best practices.?We believe in building long-term partnerships with our clients, providing ongoing support and guidance to ensure their continued success. Contact PEACC today. at 410.303.5510, to schedule a FREE consultation and learn how we can help your company achieve and maintain full compliance with unclaimed property laws.

Consequences for Not Having a Unclaimed Property Program There are harsh implications for Holders who do not have a annual unclaimed property compliance program including: - For Holders who do not submit annual unclaimed property reports - For Holders who file inconsistent, inaccurate or non-compliant annual reports - Not reporting all property types in reports - Filing annual unclaimed property reports late - Holders run the risk of being audited which could lead to hefty fines/interest rates and penalties As you can see, identifying, monitoring, reporting and complying with all State unclaimed property reporting laws & requirements are very important functions to have implemented within your organization. For help in developing and implementing an annual unclaimed property reporting process or any questions regarding this process, please reach out to one of the Professionals at PEACC.com by calling 410.303.5510 or email us at?[email protected]

The ABC's of Unclaimed Property All States have intangible unclaimed property reporting laws along with DC, Guam, Puerto Rico and the Virgin Islands. Canada also has robust unclaimed property reporting requirements. But, in this case, we're talking only of the U S. reporting requirements and not Canada. All States pursue unclaimed property as a source of State revenue and so the true Owner of this lost property only has one place to look to reclaim Ownership. Each State has their own unique laws that dictates how the property is managed until reported. These laws are basically the same amongst the States. But some States have laws that only benefit them. However, the reporting requirements are basically the same in all the States, yet slightly different. The statutorily set dormancy period may be 1 through 5 years in most cases depending on the property type, with Traveler's Checks having a 15 year holding/dormancy period. The main purpose of these State laws are to protect the property until the rightful Owner can be found. Until the Owner can be found, the States may use this property for "public good" such as road maintenance, library construction/remodeling, school funding, etc. Property that remains unclaimed by the rightful Owner must be turned over to the appropriate State after it reaches its dormancy period. But the rightful Owner may always lay claim to it. That State may be the State where the Owner last resided or the Holder/company/entities State of Incorporation depending on whether the Owner's last known address is unknown, or if the property is foreign. As you can see, these laws and requirements can get complicated and confusing. For help with your unclaimed property reporting or any questions, please reach out to a professional at PEACC by calling 410.303.5510 or email us at?[email protected]?We're here to help!

WHAT IS UNCLAIMED PROPERTY? With all state jurisdictions having unclaimed property reporting laws & requirements and them being aggressively enforced through fines and interest penalties, you hear the question a lot, "What is unclaimed property?" Is it abandoned cars/vehicles? Abandoned land or livestock? What is it??Well, it can be, but in this case it is unclaimed intangible property (with the exception of Safe Deposit Box contents). Considering the unclaimed property world, most unclaimed property involves the following types of intangible?properties (but these are just examples and not all inclusive): - EXAMPLES of UNCLAIMED PROPERTY - - Unclaimed Vendor/AP checks - Unclaimed payroll checks or direct deposits gone wrong - Customer overpayments - Unapplied cash accounts - Aged Accounts Receivable credit balances - Most Refunds due - Unredeemed gift card/certificate balances - Unclaimed bank accounts (checking, savings, retirement, CD's) - Life insurance proceeds due - Uncashed benefit checks - Utility deposits - Lost shareholders or uncashed dividend checks - Safe deposit box contents Again, the above list are just examples of unclaimed intangible property and not meant to be all inclusive. Most companies/Holders are going to want to a look at their Accounts Payable, Payroll and Accounts Receivable areas, depending on the type of holder they are (corporation, bank or financial institution, life or non-life insurance company, etc.) To talk further about all the unclaimed property reporting requirements and what your obligations are, and how to navigate through them, please contact the professionals at PEACC for a no obligation consultation at 410.303.5510.

Now that your fall unclaimed property reporting is complete, your PEACC Team of Advisors would like to announce Delaware is schedule to send out the next round of VDA invitations on November 15, 2024. The State last sent invitation letters out in February 2024. If your organization receives a VDA (Voluntary Disclosure Agreement) invitation Letter from Delaware and fails to timely respond, you will become eligible for the dreaded, unclaimed property audit. Contact the professionals at PEACC to discuss your options, along with the process, at 410.303.5510. https://lnkd.in/eTMSCMqp VDA Invitation Dates - VDA Program - State of Delaware vda.delaware.gov

IMPORTANT ANNOUNCEMENT From Delaware Administrator RE: CHANGE TO DELAWARE UNCLAIMED PROPERTY SECURITIES CUSTODIAN & REPORTING Effective immediately, Delaware has changed its custodian for the reporting of securities to Wells Fargo Advisors. Any holders reporting and remitting securities to Delaware should follow the updated instructions that are available in the State’s Holder Reporting Guide (page 40). https://lnkd.in/ewp8Jbei

The UPPO annual conference is coming to Tucson, Arizona. Keeping up with Unclaimed Property law is critical and this is a great way to stay connected in the industry. Check out the agenda and register. Visit PEACC.com

PEACC.com offers unclaimed property consulting. Visit our home page or email me at [email protected] with questions.

Visit PEACC.com for exceptional unclaimed property services. Learn more about Unclaimed Property Escheatment processes supporting audits and all 50 state submission requirements.

The Benefits of an Unclaimed Property Due Diligence Letter So, you’ve got all your unclaimed property in a liability account ready to report to the appropriate states. Now, you’ve got to abide by the due diligence/search letter requirements laid out in each state, where most letters are required to be sent out to the property owner’s last known address as reflected in the holder’s books and records. Note, the cost of these mailings is considered the cost of doing business in most states and therefore not deductible or reimbursed. You think, what are the benefits of these letters, why are they required? The biggest benefit is it is required by state law in almost all states, even though it’s a time-consuming project. The benefits continue to be: 1)????You may reestablish a relationship with the lost owner. 2)????Provides positive customer service. 3)????May prevent current, past, and future compliance and reporting obligations. 4)????Decreases the holder workload. 5)????May increase revenue or business. 6)????Alleviates fines and penalties for non-compliance. 7)????And, most importantly, due diligence letter mailing is required by law! For questions, or to hear more about holder requirements and how to navigate all of them, please reach out to the professionals at PEACC at 410.303.5510 or email at [email protected]. PEACC, where unclaimed property consulting doesn’t have to be expensive, just good!