Guide to Unclaimed Property Audits, Compliance & Fall Reporting Deadlines

While we bask in the warmth of summer, it’s hard to believe that fall, with its shorter days and cooler temperatures, is just around the corner. More than just the season for pumpkin spice and cozy sweaters, autumn is a crucial time for finance and compliance professionals, marking the onset of the fall unclaimed property reporting and, of course, the continued increase in activity of unclaimed property audits by states. This guide will help you prepare for this critical period, providing a clear breakdown of deadlines by state to ensure you stay compliant and avoid any last-minute panic.

Understanding the Importance of Compliance and Unclaimed Property Audits

Unclaimed property includes financial assets such as uncashed checks, forgotten deposits, or inactive accounts that have not been claimed by their rightful owners within a specific dormancy period.

An unclaimed property audit is initiated by state authorities and somewhat resembles a tax audit, where a state auditor, or a third party agent contracted by the state, reviews a company’s records to determine compliance with unclaimed property laws. These audits can be triggered by inconsistencies in reporting or failure to report, and they often lead to costly penalties if the company is found non-compliant.

Unclaimed property audits are particularly significant during the reporting season as they underscore the necessity for rigorous internal review programs and accurate record-keeping. Businesses must make sure that they are not only identifying and reporting unclaimed property correctly but also adhering to each state’s unique regulations.

Effective unclaimed property compliance minimizes the risk of financial penalties and reinforces a business’s reputation for reliability. This is why understanding the nuances of unclaimed property audits and maintaining strict adherence to state laws is fundamental for any business during the fall compliance period.

State-Specific Deadlines for Unclaimed Property Reporting

Navigating the patchwork of reporting deadlines to minimize your risk for an unclaimed property audit across different states can be daunting. Here’s a helpful list to keep you on track:

Report Due Date by Industry
State	Regular	Banking	Life Insurance	Property & Casualty Insurance	Government	Securities
Alberta	04/30	04/30	04/30	04/30	04/30	4/30
Alaska	10/31	10/31	10/31	10/31	10/31	10/31
Alabama	11/01	11/01	11/01	11/01	11/01	11/1
Arkansas	10/31	10/31	04/30	10/31	10/31	10/31
Arizona	10/31	10/31	04/30	10/31	10/31	10/31
British Columbia	04/30	04/30	04/30	04/30	04/30	4/30
California	10/31	10/31	04/30	10/31	10/31	Notice 10/31; Remit 6/1- 6/15
Colorado	11/01	11/01	05/01	05/01	11/01	11/1
Connecticut	03/31	03/31	03/31	03/31	03/31	3/31
District of Columbia	10/31	10/31	04/30	04/30	10/31	10/31
Delaware	03/01	11/10	03/01	12/20	11/10	3/1
Florida	04/30	04/30	04/30	04/30	04/30	4/30
Georgia	10/31	10/31	05/01	05/01	10/31	10/31
Guam	01/31	01/31	01/31	01/31	01/31	1/31
Hawaii	11/01	11/01	10/31	11/01	11/01	11/1
Iowa	11/01	11/01	11/01	11/01	11/01	11/1
Idaho	11/01	11/01	11/01	11/01	11/01	11/1
Illinois	04/30	10/31	04/30	10/31	10/31	10/31
Indiana	11/01	11/01	05/01	11/01	11/01	11/1
Kansas	11/01	11/01	05/01	11/01	11/01	11/1
Kentucky	11/01	10/31	05/01	05/01	10/31	10/31
Louisiana	10/31	10/31	10/31	10/31	10/31	10/31
Massachusetts	11/01	11/01	05/01	11/01	11/01	11/1
Maryland	10/31	10/31	04/30	04/30	10/31	10/31
Maine	11/01	11/01	05/01	11/01	10/31	11/1
Michigan	07/01	07/01	07/01	07/01	07/01	7/1
Minnesota	11/01	11/01	10/01	11/01	11/01	11/1
Missouri	11/01	11/01	05/01	11/01	11/01	11/1
Mississippi	10/31	10/31	10/31	10/31	10/31	10/31
Montana	11/01	11/01	05/01	11/01	11/01	11/1
New Brunswick	03/31	03/31	03/31	03/31	03/31	3/31
North Carolina	11/01	11/01	05/01	11/01	11/01	11/1
North Dakota	10/31	10/31	05/01	10/31	10/31	10/31
Nebraska	10/31	10/31	05/01	10/31	10/31	10/31
New Hampshire	10/31	10/31	04/30	04/30	10/31	10/31
New Jersey	10/31	10/31	04/30	10/31	10/31	10/31
New Mexico	11/01	11/01	05/01	11/01	11/01	11/1
Nevada	10/31	10/31	04/30	04/30	10/31	10/31
New York	03/10	11/10	09/10	09/10	11/10	3/10
Ohio	11/01	11/01	05/01	11/01	11/01	11/1
Oklahoma	10/31	10/31	04/30	10/31	10/31	10/31
Oregon	11/01	11/01	11/01	11/01	11/01	11/1
Pennsylvania	04/15	04/15	04/15	04/15	04/15	4/15
Puerto Rico	12/10	12/10	12/10	12/10	12/10	12/10
Quebec	04/30	04/30	04/30	04/30	04/30	4/30
Rhode Island	10/31	10/31	10/31	10/31	10/31	10/31
South Carolina	10/31	10/31	10/31	10/31	10/31	10/31
South Dakota	11/01	11/01	05/01	11/01	11/01	11/1
Tennessee	11/01	10/31	10/31	10/31	10/31	10/31
Texas	07/01	07/01	11/01	07/01	07/01	7/1
Utah	11/01	11/01	11/01	11/01	11/01	11/1
Virginia	11/01	11/01	05/01	05/01	11/01	11/1
Virgin Islands	10/31	10/31	04/30	10/31	10/31	10/31
Vermont	05/01	05/01	05/01	05/01	05/01	5/1
Washington	10/31	10/31	10/31	10/31	10/31	10/31
Wisconsin	11/01	11/01	11/01	11/01	11/01	11/1
West Virginia	10/31	10/31	04/30	10/31	10/31	10/31
Wyoming	11/01	11/01	11/01	11/01	11/01	11/1

Tips for Smooth Unclaimed Property Audit Compliance

• Start Early: Begin reviewing and preparing your reports well in advance of the deadline.
• Stay Informed: Always check for the latest guidelines from each state as regulations can change.
• Use Technology: Implement software solutions like UPNavigator® to streamline the tracking, management, and reporting of unclaimed property.
• Seek Expertise: Don’t hesitate to reach out to specialists like ours here at UPCR who can provide insight and assistance tailored to your specific needs.

By proactively managing your unclaimed property audit risk and adhering to reporting deadlines, you not only fulfill legal obligations but also enhance your business’s reputation for reliability and integrity. Remember, thorough preparation is crucial for smoothly navigating this complex regulatory landscape.

Request a no-cost consultation with UPCR today to see how we can help!