JIAHUA US ACCOUNTING
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Unclaimed Property Reporting and Consulting Services

At JIAHUA Accounting Services, we are trusted advisors who help individuals and businesses address the complex cross-state unclaimed property requirements across the United States.

Our unclaimed property reporting and consulting services eliminate the complexities of multi-state requirements, helping you avoid hidden pitfalls that can lead to significant liabilities, penalties, and accrued interest.

With experience in all industries and property types across the U.S., we leverage our expertise and technology to enhance compliance, reduce audit risks, and simplify reporting to maximize recoveries.

FAQs

What is Unclaimed Property?

Unclaimed property refers to assets that remain unclaimed by their "owner" within a specified period, known as the "dormancy period." The dormancy period varies by property type and state. After this period, the "holder" must fulfill final notification/due diligence requirements and remit the property to the appropriate state.

All U.S. states, territories, the District of Columbia, and three Canadian provinces have unclaimed property laws requiring companies to audit their books annually, identify and report unclaimed funds, and remit them to state custody.

Where Should Unclaimed Property Be Reported?

The U.S. Supreme Court has established priority rules for reporting unclaimed property:

  • First Priority Rule: Report to the state of the owner’s last known address, as recorded in company books.
  • Second Priority Rule: If the owner's address is unknown or located abroad, report to the holder’s state of incorporation.

What Property Is Considered Unclaimed?

Common types of unclaimed property include:

  • Wages and commissions;
  • Customer refunds;
  • Savings and checking accounts;
  • Insurance proceeds;
  • Securities;
  • Rebates and overpayments, among others.

When Should Unclaimed Property Be Reported?

The timing of unclaimed property reporting depends on state-specific rules. Dormancy periods, due diligence mailing requirements, and filing formats and deadlines vary across states.