Unclaimed property reporting is a complex task with varying state requirements and protocols. One of the biggest fears and concerns for holders is running afoul of this complexity and creating the potential for a penalty and interest (P&I) assessment. States have the statutory authority to assess these fees and may impose them for:
• Reporting late property
• Filing late reports
• Filing inaccurate reports
• Submitting improper funding
• Reports filed in an improper or incorrect format
Most jurisdictions have some mechanism to assess penalties or interest. Below are a few examples of several high-profile states.