Category: Fall reporting

‘Twas the Night Before Fall Reporting

‘Twas the night before Fall Reporting, and all through the firm,
Everyone in unclaimed property was starting to squirm.
Wire transfer instructions were given to disbursements with care,
In the hope that remittance confirmations soon would be there.

In state capitals, Treasurers smiled at the incoming proffers,
Knowing that millions would soon be in the states’ coffers.
Bob was in payables, and me with the CFO,
Was it all out?  Both of us wanted to know.

When down from the Controller there arose such a wailing,
I assumed there must be a late response to a due diligence mailing.
Away to accounting we ran down the hall,
Where Bob and I nearly tripped over the accumulated sprawl.

UP-1s, NAUPA codes, and Holder Reporting Guides,
Covered every flat surface with big stacks besides.
When, what led my stomach to churn and contort,
But hundreds of names that were left off the report.

When I asked how this many names could’ve been missed,
I was told they were still working off last quarter’s list.
Quickly, Bob and I each stifled a cry,
Certainly an exemption or two must here apply.

Airline miles? Lottery winnings? Stale B2B credits?
Perhaps just small balances with offsetting debits?
Alas, no, we would be late, and it might be gory,
With penalties and interest (both statutory).

There just wasn’t enough time to report all the names
Relationship codes, amounts less “lawful claims.”
We needed an answer, and the clock was still ticking,
Through each statute and reg, we just kept on clicking.

Then I noticed on the ledger I continued to assess,
All of the amounts listed were $50 or less.
My mood picked right up, and I started to sing:
We’ll just add it all up and report the whole thing!

Aggregate reporting — that was the way!
We’d still get this report out by the end of the day!
We quickly revised, and added, and listed,
Everyone in tax helped, even legal assisted.

When it was ready, we unleashed the whole thing,
Breathing a sigh of relief (at least ’til next spring).
And I said to Bob, as the remittance flew out of sight,
Happy fall reporting to all, and to all a good night!

Reminder: California Reports Due Tomorrow for Holders Impacted by Hurricane Sandy

As we mentioned last week, in the aftermath of Hurricane Sandy may states extended their unclaimed property reporting deadlines (which, in most states, fell on 10/31 or 11/1).  For those of you affected, just a reminder that California’s extended deadline expires tomorrow. 

Fall Reporting Extension Information

We’re back after a Hurricane Sandy induced hiatus; we hope that you and your families are safe, sound and warm. 

The fall unclaimed property reporting deadline in many states was on October 31 or November 1.  Obviously, the storm and its aftermath have interfered with that process. The National Association of Unclaimed Property Administrators has prepared a detailed matrix of information concerning Hurricane Sandy related extensions and how to request them.

Lost & Found: Escheat’s Ancient Origins, (e-)Bay State Auction, Spooky Deadlines Approaching

Unclaimed Property’s Ancient Origins Alive & Well – As we’ve mentioned before, modern unclaimed property laws in the United States derive, in part, from the ancient doctrine of bona vacantia by which “vacant goods” (i.e., ownerless property) would become property of the sovereign.  Recently the London Telegraph ran an article describing how unclaimed estates in the Duchy of Cornwall ultimately become the property of Prince Charles.  In the U.S., the sovereign powers formerly belonging to the British royals have largely become the powers of state governments.  No word on whether Prince Charles will be retaining a contingency fee auditing firm to make sure that he is getting his share of unclaimed funds in the Duchy.  (Hat Tip to LinkedIn’s Unclaimed Property Holder Forum).

 Bay State Unclaimed Property Auction Set to Begin — From the former mother country to the Cradle of the Revolution.  This Saturday, Massachusetts is set to commence an unclaimed property auction on eBay.  According to MassLive, over 2,000 lots of items, including coins, jewelry and collectibles will be put up for auction.  The Commonwealth hopes to earn $500,000 from the auction, which will  run until December 22nd.

Fall Reporting Deadline Fast Approaching — Beware!  It’s nearly October 31.  The spookiest time of the year (at least in most states).  That’s right, the fall unclaimed property reporting deadline is approaching in several dozen states.  Be sure to get those long forgotten treats reported to the state, lest you receive a trick in the form of an audit.

It’s Reporting Day

It’s early November; the phone calls have been made; the mailings have gone out, the pollsters have had their say.  Now, its time for the moment of truth.  That’s right, unclaimed property reports are due today (or 10/31) in 43 jurisdictions*. 

A “best of luck” and a sigh of relief to unclaimed property managers and reporters everywhere.  Take a break; you deserve it.  Just don’t break too long — Delaware reports are due in March.

*  Alabama, Alaska, Arizona, Arkansas, California, Colorado, D.C., Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin and Wyoming.