PA Treasury Webinars To Help Employers Comply With State Unclaimed Property Law By April 15

Webinar registration, holder resources available at patreasury.org

HARRISBURG, PA – March 23, 2011 – (RealEstateRama) — State Treasurer Rob McCord today announced that the Pennsylvania Treasury will offer a webinar series to help employers understand and prepare for their statutory responsibility to report unclaimed property to Treasury by April 15 of each year.

“As a former business owner, I know it can be frustrating when you aren’t well-briefed about the laws that apply to your business,” said Treasurer McCord.  “Our webinar series can help holders comply with Pennsylvania’s unclaimed property law – just in time to file their annual reports on April 15.”

The hour-long webinars will provide participants with a basic overview of unclaimed property and the reporting process, including how to identify unclaimed property, how to determine when an account becomes dormant; and how to prepare an unclaimed property report.  Each webinar will also feature a question and answer session with Treasury’s Unclaimed Property Compliance Team.  Visit www.patreasury.org to register for the webinars:

• Tuesday, March 29 at 2:00 p.m.:  Unclaimed Property 101
• Wednesday, March 30 at 2:00 p.m.:  Reporting Unclaimed Property for State and Local Governments
• Thursday, March 31 at 10:00 a.m.: Unclaimed Property 101
• Thursday, March 31 at 2:00 p.m.:  Filing an Unclaimed Property Report in Pennsylvania: An Employers Responsibility
• Monday, April 4 at 10:00 a.m.:  Reporting Unclaimed Property for State and Local Governments

All financial institutions, government agencies, businesses, organizations, and entities – known in Pennsylvania’s Disposition of Abandoned and Unclaimed Property Act as “holders” – are required to remit unclaimed property to Treasury on an annual basis.

Generally speaking, unclaimed property is any financial asset that has been left with a business or government agency without activity or contact for at least one year, such as bank accounts, uncashed payroll checks, accounts payable or receivable checks, credit balances, expired gift cards, escrow accounts, money orders, utility refunds, insurance proceeds, stocks and bonds, and the contents of safe deposit boxes.  Visit www.patreasury.org for a “dormancy matrix” that lists the holding periods for various property types, as well as examples of types of property reported by industry.

According to the law, any holder that does not file a report by April 15 may be subject to interest and penalties.  First-time filers are required to report unclaimed property for the current dormancy period and all unclaimed property from prior reporting years.

Treasury offers a wide range of holder resources at www.patreasury.org to make the reporting process as convenient as possible, such as FAQs, detailed reporting instructions, a link to free electronic reporting software (required for reporting more than ten accounts), and a copy of the Disposition of Abandoned and Unclaimed Property Law.  Also on the Web site are opportunities and programs to assist companies voluntarily coming into compliance for the first time.  Holders with questions or in need of assistance can reach Treasury’s Compliance Team at 1-800-379-3999 or ">.

Contact:
Elizabeth Foose
717-787-2991