Spring Filing Deadlines and Requirements for Unclaimed Property
Unclaimed property compliance deadlines are quickly approaching for states requiring reports between March 1st and July 1st. Staying compliant is essential to avoid audits, penalties, and interest assessments.
Spring Unclaimed Property Filing Deadlines
While most of the 54 unclaimed property reporting jurisdictions have Fall deadlines—primarily October 31st or November 1st—some states require filings in the Spring. Below are the Spring Filing States and their respective deadlines:
- Delaware – March 1st
- New York – March 10th
- Connecticut – March 30th
- Pennsylvania – April 15th
- Vermont – May 1st
- Illinois – May 1st
- Florida – May 1st
- Texas – July 1st
- Michigan – July 1st
Due Diligence Letter Requirements
In addition to the filing deadlines, please note that letters to the owners, referred to as Due Diligence letters, are required to be mailed within a specified period before the respective state reports are due. These letters give owners a final opportunity to claim their property before it is turned over to the states as unclaimed property. Delaware and New York due diligence letters should already be in the mail, with other state deadlines to follow.
Importance of Unclaimed Property Compliance
Timely and accurate unclaimed property compliance is critical to:
- Avoid audits that can be time-consuming and costly
- Ensure compliance with state unclaimed property laws
- Prevent penalties and interest assessments for late or inaccurate filings
Delaware VDA Reporting Requirements
Companies that completed a Voluntary Disclosure Agreement (VDA) with Delaware must continue filing unclaimed property reports for three consecutive years post-VDA. This ensures continued compliance and maintains the waiver of interest and penalties, a key benefit of Delaware’s program.
Get Expert Help with Unclaimed Property
Unclaimed property laws can be complex, but Clarus Partners is here to help. Sonia Walwyn, Partner at Clarus Partners, brings over 30 years of experience in unclaimed property compliance. Contact Sonia for expert guidance:
Email: swalwyn@claruspartners.com
Phone: (630) 216-9954
Ensure your business stays compliant with unclaimed property laws—connect with Clarus Partners today!