ByETM » Unclaimed Property http://www.byetm.com Wed, 18 Nov 2015 11:18:48 +0000 en-US hourly 1 http://wordpress.org/?v=4.3.1 Ebook: Connecting the dots of Unclaimed property http://www.byetm.com/ebook-connecting-the-dots-of-unclaimed-property/ http://www.byetm.com/ebook-connecting-the-dots-of-unclaimed-property/#comments Fri, 14 Aug 2015 15:10:31 +0000 /?p=2725 window.addEventListener("load", function(){ jQuery.MegaSubscribe_Authors(2725, [3], ".wp-about-author-containter-around .vcard.author","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "authors"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Terms(2725, [2725], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "terms"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Comments(2725, [31,24], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "comments"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Authors(2725, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "authors"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Terms(2725, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "terms"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Comments(2725, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "comments"); });

Oftentimes organizations are unsure where to begin when it comes to unclaimed property processes and procedures. Check out this free eBook that provides a solid base to get your company on track when it comes to unclaimed property compliance. www.byetm.com/download-free-ebook-on-connecting-the-dots/ Danielle HerringProduct Manager, UPExchange To see a video interview with Danielle, please click here.More Posts

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]]> Oftentimes organizations are unsure where to begin when it comes to unclaimed property processes and procedures. Check out this free eBook that provides a solid base to get your company on track when it comes to unclaimed property compliance. www.byetm.com/download-free-ebook-on-connecting-the-dots/

Danielle Herring

Product Manager, UPExchange To see a video interview with Danielle, please click here.

More Posts

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]]> http://www.byetm.com/ebook-connecting-the-dots-of-unclaimed-property/feed/ 0 Reduction of Dormancy Period for Payroll Checks in Missouri http://www.byetm.com/reduction-of-dormancy-period-for-payroll-checks-in-missouri/ http://www.byetm.com/reduction-of-dormancy-period-for-payroll-checks-in-missouri/#comments Tue, 16 Dec 2014 19:11:53 +0000 /?p=1356 window.addEventListener("load", function(){ jQuery.MegaSubscribe_Authors(1356, [3], ".wp-about-author-containter-around .vcard.author","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "authors"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Terms(1356, [1356], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "terms"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Comments(1356, [24], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "comments"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Authors(1356, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "authors"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Terms(1356, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "terms"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Comments(1356, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "comments"); });

Missouri House Bill 1075 introduced some changes to unclaimed property filing for the state. The change that has the biggest impact is that payroll checks, property type MS01, are now reportable after 3 years of dormancy. This was reduced from a 5 year dormancy period. This change is effective January 1, 2015. What is the […]

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]]> Missouri House Bill 1075 introduced some changes to unclaimed property filing for the state. The change that has the biggest impact is that payroll checks, property type MS01, are now reportable after 3 years of dormancy. This was reduced from a 5 year dormancy period. This change is effective January 1, 2015.

What is the impact this will have on your Missouri filings in 2015?

Life insurance companies are due to report by May 1, 2015. With this report, you will want to include any payroll checks that were issued on or before 12/31/2011.

All other types of companies are due to report by November 1, 2015. With this report, you will want to include payroll checks that were issued on or before 6/30/2012.

The bill also introduces a new business exemption among other changes. Click here to view the entire bill. If you are interested in applying the exemptions, make sure you read through all of the conditions that apply.

Danielle Herring

Product Manager, UPExchange To see a video interview with Danielle, please click here.

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]]> http://www.byetm.com/reduction-of-dormancy-period-for-payroll-checks-in-missouri/feed/ 0 How to Navigate California’s Reporting Cycle http://www.byetm.com/how-to-navigate-californias-reporting-cycle/ http://www.byetm.com/how-to-navigate-californias-reporting-cycle/#comments Mon, 29 Sep 2014 19:16:40 +0000 /?p=1358 window.addEventListener("load", function(){ jQuery.MegaSubscribe_Authors(1358, [3], ".wp-about-author-containter-around .vcard.author","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "authors"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Terms(1358, [1358], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "terms"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Comments(1358, [25], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "comments"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Authors(1358, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "authors"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Terms(1358, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "terms"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Comments(1358, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "comments"); });

It's been several years since California changed their reporting process, yet many holders are still confused. I'd like to help clear things up. Most states have one filing due date each year, where you send a list of lost owners and payment for the amount you are reporting. California has a cycle that includes 2 […]

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]]> It's been several years since California changed their reporting process, yet many holders are still confused. I'd like to help clear things up.

Most states have one filing due date each year, where you send a list of lost owners and payment for the amount you are reporting. California has a cycle that includes 2 different reports.

Step 1: Holder Notice Report (aka Preliminary Report)

The first report is known as the Holder Notice report. This is where you send the detail about the lost owners to the state. You do not send payment with the Holder Notice report. The purpose of this report is to provide the state with the information they'll need to perform their own notifications.

When you send this report, it is important not to update your records as being paid to the state yet. They need to remain in your list of open (current) records. For UPExchange users, these records will show a status of ‘L' which means ‘Reported on Preliminary'.

Step 2: Update Records for Owners California Locates

When your lost owners respond to California and submit a claim, California will communicate this to you. It is important to update the records in your reporting system. You will mark each record to show it has been paid to the owner when you return the value of the property back to the owner. For UPExchange users, the status will need to be updated to ‘Paid to Owner'.

Step 3: Remit Report (aka Final Report)

California will let you know when it is time to send remittance for the owners who have still not claimed their property. A reporting reminder will be mailed to the person listed as your ‘Report Contact'. You will need to send the detail for the remaining owners and send payment at this time.

The remit report must not include records that were not on the holder notice report. If you have filed the holder notice report and you have new California records come in, you must submit the new records in a separate filing. This will start a separate cycle of holder notice then remit report.

Report Due Dates

Many holders file late and don't adhere to the normal due dates. This makes it harder to keep tabs on when the different reports are due.

If you file in a timely manner, you can always expect to submit the reports on the following dates:

Life Insurance Companies file the Holder Notice report by April 30th then file the Remit Report between December 1st and 15th.

All other holders file the Holder Notice report by October 31st then file the Remit Report between June 1st and 15th.

You can view California's General Reporting Quick Guide here.

You can view the complete Unclaimed Property Holder Handbook  here.

Danielle Herring

Product Manager, UPExchange To see a video interview with Danielle, please click here.

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]]> http://www.byetm.com/how-to-navigate-californias-reporting-cycle/feed/ 0 The 8 Biggest Unclaimed Property Mistakes Companies Make (and How to Avoid Them) http://www.byetm.com/the-8-biggest-unclaimed-property-mistakes-companies-make-and-how-to-avoid-them/ http://www.byetm.com/the-8-biggest-unclaimed-property-mistakes-companies-make-and-how-to-avoid-them/#comments Fri, 18 Apr 2014 19:19:28 +0000 /?p=1360 window.addEventListener("load", function(){ jQuery.MegaSubscribe_Authors(1360, [3], ".wp-about-author-containter-around .vcard.author","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "authors"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Terms(1360, [1360], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "terms"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Comments(1360, [26,43,38], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "comments"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Authors(1360, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "authors"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Terms(1360, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "terms"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Comments(1360, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "comments"); });

The following are commonly made mistakes by companies of all sizes, both public and private, across all industries in the handling of unclaimed property. With the frequency and broad scope of unclaimed property audits at an all-time high, it's more important than ever for companies to ensure that they are avoiding these common pitfalls. Unclaimed […]

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]]> The following are commonly made mistakes by companies of all sizes, both public and private, across all industries in the handling of unclaimed property. With the frequency and broad scope of unclaimed property audits at an all-time high, it's more important than ever for companies to ensure that they are avoiding these common pitfalls.

Unclaimed Property Mistake #1 – Not Understanding the Way Unclaimed Property Impacts Your Company.

The biggest mistake companies make is failing to understand how unclaimed property impacts their organization. If this is an issue your company has struggled with in the past, begin by assessing and analyzing the various areas in your organization that may contribute to a potential unclaimed property liability.

Within many organizations, 80% of your unclaimed property exposure value lies in only 20% of the outstanding obligations, but all areas of liability are important. Try to get to the root cause of why unclaimed property is being generated at your company and why individuals or businesses have failed to take action with regard to the sums you owe them.

Unclaimed Property Mistake #2 – Failing to Preemptively Identify Outstanding Liabilities

The second most common pitfall companies make is failing to preemptively identify outstanding liabilities, which can be extremely damaging to the company's bottom line. The primary threat presented by past-due obligations is that of a state (or increasingly more often multi-state) audit.

It is frequently the most well intentioned companies that unwittingly overlook or misinterpret their obligations. The complex and constantly changing laws of unclaimed property can subject a company to non- compliance while faced with potential fines, penalties and reputational risk. Undergo a rigorous self- audit or third-party evaluation to make sure that historical practices and reporting are sound.

Additional Unclaimed Property Mistakes

The unclaimed property specialists at Keane have identified an additional six mistakes that many companies make when addressing their unclaimed property compliance obligations. The repercussions of these mistakes are often compounded as many companies repeat the same mistakes year after year – ultimately creating more work and increasing the opportunity for serious consequences.

 

To receive a full analysis of the top eight mistakes and how to avoid them, we invite you to download this free whitepaper authored by Keane's industry specialists, Debbie L. Zumoff, Chief Compliance Officer, and Valerie M. Jundt, Managing Director of Keane's National Consulting & Advisory Services Group.

 

Click here to download the Full Report of the 8 Biggest Unclaimed Property Mistakes Companies Make

Danielle Herring

Product Manager, UPExchange To see a video interview with Danielle, please click here.

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]]> http://www.byetm.com/the-8-biggest-unclaimed-property-mistakes-companies-make-and-how-to-avoid-them/feed/ 1 Texas Requires Online Filing http://www.byetm.com/texas-requires-online-filing/ http://www.byetm.com/texas-requires-online-filing/#comments Mon, 31 Mar 2014 19:22:24 +0000 /?p=1362 window.addEventListener("load", function(){ jQuery.MegaSubscribe_Authors(1362, [3], ".wp-about-author-containter-around .vcard.author","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "authors"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Terms(1362, [1362], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "terms"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Comments(1362, [24], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "comments"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Authors(1362, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "authors"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Terms(1362, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "terms"); });window.addEventListener("load", function(){ jQuery.MegaSubscribe_Comments(1362, [0], "","", "http://www.byetm.com/wp-admin/admin-ajax.php", "do_megasubscribe_ajax", "subscribe", "comments"); });

Texas recently announced that they will no longer accept your unclaimed property reports on CD or diskette. Click here to see the full announcement on the state’s website. This goes into effect with the report due July 1, 2014. Any reports that are not submitted online will be subject to rejection. Indiana has had this requirement […]

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]]> Texas recently announced that they will no longer accept your unclaimed property reports on CD or diskette. Click here to see the full announcement on the state’s website. This goes into effect with the report due July 1, 2014. Any reports that are not submitted online will be subject to rejection.

Indiana has had this requirement for some time. I anticipate that many other states will soon join in. It just doesn’t make sense for the states to have rooms full of CDs to process when everything can be submitted online so easily.

Submitting your report to Texas online is very simple. I have been through the process many times when reporting on behalf of my outsourcing clients. Generate the NAUPA file using whatever software or method you currently use to do so. When you are ready to submit the file, click here.

You’ll be asked to provide information about your company and how you intend to make payment. The next screen allows you to browse to where you have saved the NAUPA file and attach it. After you click the Submit button to submit your file, you will be presented with an upload confirmation page. Print the confirmation page and submit with your coversheet.

It’s as easy as that!

Danielle Herring

Product Manager, UPExchange To see a video interview with Danielle, please click here.

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