Unclaimed Property Reporting Deadlines Extended due to COVID-19
Like other business operations, many holders have found that the COVID-19 crisis has caused a disruption to the process of reporting and remitting of unclaimed property, particularly in those states with a Spring reporting deadline. While holders should check the relevant state unclaimed property administration website for specific information (and to request an extension if necessary), many states have proactively responded to this disruption by either unilaterally extending the unclaimed property reporting deadline or granting a prospective wavier of late-reporting interest and penalties for a defined period. Some of the highlights are as follows:
Arkansas – The May 1 annual reporting deadline for life insurance companies had been extended to June 1, 2020.
Illinois – According to the website of the Illinois State Treasurer, interest and penalties will be waived for up to 60 days after the end of the Illinois declaration of emergency.
Maryland – The April 30 annual reporting deadline for life insurance companies has been extended to July 31, 2020.
Massachusetts – The May 1 annual reporting deadline for life insurance companies has been extended to July 1, 2020.
New Jersey – The annual reporting deadline for life insurance companies has been automatically extended to June 30, 2020.
North Carolina – The annual reporting deadline for life insurance companies has been automatically extended to June 1, 2020.
Pennsylvania – The April 15, 2020 reporting deadline remains in place, but the Department of Treasury’s website provides that the Department will waive all fines, penalties, and interest for property that is reported and remitted to the Department by June 15, 2020.
Note that the foregoing are only the automatic extensions provided by the states. Extensions can also be applied for, on a case by case basis, by contacting the relevant state unclaimed property administrator.