ETM Blog

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.

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 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.