As you are painfully aware, time is running short to submit your Fall unclaimed property reports to all the states. If your company reports to all jurisdictions, it is even more time consuming and stressful.
Just one of the confusing aspects is the due date for filing the report with the states. If you look at the states’ websites, many of them instruct holders to submit their report November 1. However, if you research the respective state laws, you will find many, if not most states, require the property to be filed “. . . before November 1 of each year as of June 30 next preceding”.
So, if you wait until November 1 to submit your report, you MAY be late. Generally, the state unclaimed property managers don’t make an issue of this. BUT, if a state auditor or an aggressive administrator is so inclined, you could be assessed a late filing penalty.
UPCR recommends having your reports into the state on or before October 31 just to be safe. If you have any questions about reporting due dates, or any other reporting issues, contact us. We are experts in Unclaimed Property Reporting.