Unearthing the Unclaimed Property Uncertainty

Unearthing the Unclaimed Property Uncertainty

With thousands of businesses and people dealing with the turmoil connected to the COVID-19 pandemic, who has time to think about unclaimed property? Apparently, a few states have done just that. As we continue to research and gather information on states’ tax relief programs for sales and use tax, property tax and income tax, we have noticed that certain states are also including unclaimed property. Most relief efforts in these areas offer additional time to file reports and make payments. Many unclaimed property reporting deadlines are due within the next two months, especially property reported by insurance companies. 

Georgia is allowing insurance companies to extend the May 1 deadline up to 60 days as long as the holder requests it in writing to [email protected].

Maryland has automatically extended its deadline for insurance companies from April 30 to July 31 https://www.marylandtaxes.gov/unclaimed-property/index.php.

Vermont will allow all businesses a 30-60 day extension from its normal due date of May 1 by contacting [email protected] with requests.

Duff & Phelps is aware that some companies recently received voluntary disclosure invitations from the state of Delaware. We anticipate Delaware will follow the same relief pattern related to the 60-day response deadline for its VDA invitations as long as the Secretary of State’s office is contacted prior to the due date.

We expect more extensions and reprieves to be announced during the coming weeks. Should the crisis continue beyond the spring, then we anticipate that many more states will extend the date for reporting and remitting unclaimed property reports due during the fall filing season. We will continue to monitor these changes and communicate significant updates. In the interim, should you have any questions regarding your specific situation, do not hesitate to reach out to one of Duff & Phelps’ experts for guidance during this volatile time. Additional information about our Unclaimed Property and Tax Risk Advisory team and services can be found here.

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