Posted on Thursday, 2nd September 2010 by The Keane Organization

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Are you interested in cost risks of unclaimed property compliance in Arizona?

Here you will find valuable knowledge pertaining to Arizona State escheat and unclaimed property laws.

Should there be a specific question that we fail to answer here, we’re ready and willing to provide our insight.  To submit your inquiry and get more information, fill out this brief form below or get in touch directly with the Arizona Unclaimed Property Unit.

Aspects of Arizona Unclaimed Property and Escheatment Law

Listed here are several aspects of Arizona unclaimed property and escheatment law to keep in mind in order to avoid interest and penalties: Read More »

Tags: Abandoned Property, Abandoned Property Law, Arizona, Best Practices, Dormancy Periods, Escheat Law, Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting
Posted in Abandoned Property, Abandoned Property Law, Best Practices, Dormancy Periods, Escheat Law, Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting | Comments (0)

Posted on Tuesday, 24th August 2010 by The Keane Organization

Would you like to learn some of the core concepts of escheatment and unclaimed property laws which apply specifically to Delaware?

This page provides key information regarding to Delaware State escheat laws concerning reporting & compliance.
Read More »

Tags: Abandoned Property, Abandoned Property Law, delaware, Escheat Law, escheatment law, Unclaimed Property Law
Posted in Abandoned Property, Abandoned Property Law, Dormancy Periods, Escheat Law, Escheatment, Other News, Unclaimed Property, Unclaimed Property Compliance, Unclaimed Property Law, Unclaimed Property Reporting | Comments (0)

Posted on Wednesday, 28th July 2010 by The Keane Organization

At this point, you probably know that many organizations are carrying unclaimed property and are in danger of  escheat audits. But why do companies seem to be so willing to risk non-compliance? While many companies are aware of unclaimed property compliance requirements, some will just wait until they get hit with an escheat audit to do anything. Others understand the risk, but do not want to allocate the time or resources needed to proactively define their liability and reduce it.  And some are simply uninformed of their compliance obligations.

Debbie Zumoff, Chief Compliance Officer at Keane, recently spoke with John Cummings, Editor of Business Finance and Author of the BizTaxBuzz Blog, about escheat audits and why they seem to be in the future of so many companies.  Click here to read the whole post. 

Two of the downsides to not reporting unclaimed property are penalties and interest, which can quickly add up and even double the amount of underlying liability. For most companies, this can mean big losses. However, there are number of audit risk red flags that companies can look out for when it comes to unclaimed property. These include not reporting all property types, using inappropriate dormancy triggers, failing to perform state-mandated due diligence and many others. If companies are aware of these red flags upfront and keep them in mind when it’s time to file unclaimed property each year, they can better prepare for and defend against escheat audits and significantly reduce risk to their organization.

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Posted in Best Practices, Escheat Audits, Unclaimed Property Audit, Unclaimed Property Compliance, Unclaimed Property Reporting | Comments (0)

Posted on Friday, 16th July 2010 by The Keane Organization

Recent legislative, regulatory and legal developments that occurred during the month of June 2010 in the areas of state unclaimed property law and regulation are summarized below, by state and by topic:

Unclaimed Property Reporting Laws: State By State Changes

Delaware Unclaimed Property Reporting

SB 272

Introduced 5/13/10, Passed Senate 6/22/2010, Passed House 6/29/2010.

Section 1 of the Act provides for an administrative review process at the conclusion of an unclaimed property examination. This review process may be invoked at the option of the unclaimed property holder. It will allow the holder to file a written protest, submit additional information in support of the protest and request that the Audit Manager reconsider the Department’s findings following an examination.

Section 2 of the Act creates a limited exemption from the definition of property for abandoned property purposes that arises from transactions between merchants covered by the Uniform Commercial Code where, for whatever reason, a merchant holder receives goods for which the holder was never invoiced by the seller. Read More »

Tags: Dormancy Periods, Escheat Law, Legislative Updates, State Escheatment, State Escheatment Laws, Unclaimed Property Reporting
Posted in Dormancy Periods, Escheat Law, Legislative Updates, State Escheatment, Unclaimed Property Reporting | Comments (0)

Posted on Friday, 21st May 2010 by The Keane Organization

A question we often hear asked is, “What does my company HAVE to know about unclaimed property recovery & reporting?”

This post aims to answer that question.

The Basics Of Unclaimed Property Recovery & Reporting

Virtually every company has abandoned property of some form or another.

According to abandoned property law in every state, all companies are required to file reports annually with the states. Read More »

Posted in Unclaimed Property Reporting | Comments (0)

Posted on Monday, 26th October 2009 by The Keane Organization

In an ongoing effort to educate finance, accounting and compliance departments about their company’s unclaimed property risks, the Keane Organization’s Unclaimed Property Services Division (UPSD) is offering a unique opportunity to connect directly with Keane’s subject matter experts. An online Audit Risk Assessment is being made available to those who are interested in a way to evaluate their risk and receive tips on prevention.

Read More »

Posted in Best Practices, Unclaimed Property Audit, Unclaimed Property Compliance, Unclaimed Property Reporting | Comments (0)

Posted on Tuesday, 15th September 2009 by The Keane Organization

This post by Gail Warner, President of Keane’s Unclaimed Property Services Division, appeared on Keane’s corporate blog, “KeaneObservations” written by Peter Teuten, Keane’s risk management expert.

I’m picking up where Peter left off last week regarding the topic of unclaimed property audit and how it relates to risk management and compliance.

The words audit and risk go hand in hand. The word “audit” alone makes anyone in a corporate finance or risk management department cringe and begin vigorous preparations (and palpitations!). But in the case of an unclaimed property audit, that natural reaction tends to be a mix of confusion and uncertainty. It’s much more important now that companies understand the drivers of unclaimed property risk because audits are on the rise. Depending on state laws (and the extent of some state’s budget woes), unclaimed property offers states an attractive source of alternate capital (you see, much of the money states collect from companies is often used on state programs that would otherwise not happen or would require the use of additional tax dollars).

Read More »

Posted in Best Practices, Escheat Consulting, State Escheatment, Unclaimed Property Audit, Unclaimed Property Compliance, Unclaimed Property Reporting | Comments (0)

Posted on Friday, 11th September 2009 by The Keane Organization

By Peter Teuten, President of Keane’s Business Risk Management Solutions

Ignorance is bliss – right? I think we have all come to view that cliché with disdain during the economic crisis. The known risk is often the most easy to manage. The hidden risk is obviously less easy to measure, manage and monitor. This was/is true of the highly leveraged mortgage and lending industries, the Wall St. investment banks, and even government.

An example of this kind of hidden risk that I see a great deal of is in the area of unclaimed property and reporting.

Read More »

Posted in Best Practices, Seminars, Unclaimed Property Audit, Unclaimed Property Reporting | Comments (0)

Posted on Wednesday, 26th August 2009 by The Keane Organization

Indiana has modified the procedure for reporting unclaimed property this year. First, effective August 1, 2009, all reports must be filed online. Holders may begin registering for their online access beginning September 15, 2009. Second, for this year only, reporters must wait until October 1, 2009 to submit their reports. The director of the state’s Unclaimed Property Division, Becky Yuan, recently issued a release to holders explaining the changes, saying that they will ‘significantly impact’ the 2009 filing process.

Read More »

Posted in Abandoned Property, Escheat Law, State Escheatment, Unclaimed Property Reporting | Comments (0)

Posted on Thursday, 20th August 2009 by The Keane Organization

Because reporting unclaimed property is such a hot topic in California, escheatment guidance and holder education are high priorities for the state.

To help companies follow the state’s unique and complex reporting requirements they issue a Holder Outreach newsletter on their website. It provides tips, alerts, and instructions that typically detail or highlight the nuances between California escheatment rules and those in other states.

Read More »

Posted in Escheat Law, Escheatment, State Escheatment, Unclaimed Property Reporting | Comments (0)