Robert Peters, Managing Director and Scott Regan, Director in Duff & Phelps’ Unclaimed Property and Tax Risk Advisory practice, spoke to Compliance Week about the fast approaching deadlines for state unclaimed property filings with around 40 setting filing dates on October 31 or November 1 in the article titled, “Unclaimed Property Filing Deadlines Loom Large.” 

“The cluster of pending filing deadlines is perhaps the most common thread. The biggest issue is lack of uniformity...Of the states with fall filing deadlines, the due diligence around managing abandoned and unclaimed property varies considerably. States have different requirements for providing notice to holders of unclaimed property, different threshold amounts that trigger unclaimed property reporting, as well as different filing and payment methods,” Scott said.

Robert explained, “While most corporate controllers and CFOs are well aware of a company’s tax filing obligations, fewer by comparison are up to speed on unclaimed property filing obligations. States have become more aggressive in recent years, and some are pursuing aggressive audits when they encounter states that have never filed...One common misunderstanding in unclaimed property is the concept of nexus, which is important in tax compliance but irrelevant to unclaimed property. Nexus refers to a state’s presence or conduct of business in a given state, which is what triggers a tax obligation in that state. Unclaimed property is a consumer protection, not a tax, so a state’s obligation is not triggered in the same way...More states are requiring negative reports for the 2019 report year and holders can expect even more going forward.”
Robert offers some additional filing tips for the fall unclaimed property reporting season. “Be complete with your statutory due diligence...Make sure you’re registering now for states that require online filing. And make sure you’re paying attention to finer details of reporting. Without some kind of uniformity, compliance can be frustrating, but companies don’t have a choice.”

The full article is available on the Compliance Week website.

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