After being in communication with the State Treasurer\u2019s Office, we would like our clients to know what we have learned regarding state requirements that include \u2018Negative Reporting\u2019 on Unclaimed Property Reports.<\/p>\n
While you may or may not be\u00a0aware that your business is annually required to submit an Unclaimed Property Report to the State Treasurer\u2019s Office by\u00a0Nov. 1<\/strong><\/span>, the majority of business owners tend to be unaware of that deadline and what it means.<\/p>\n With the\u00a0Nov. 1<\/strong><\/span>\u00a0deadline fast approaching, the State Treasurer\u2019s Office is trying to make business owners aware of their obligation to be in compliance with the many aspects of an Unclaimed Property Report.<\/p>\n There is an additional facet to Unclaimed Property Reporting that was initiated for this year: Even if a business has no unclaimed property to report, businesses are now required to submit a \u2018Negative Report\u2019 via the State Treasurer\u2019s Office website.<\/p>\n The State Treasurer\u2019s Office homepage for guidelines to the Unclaimed Properties process can be found here:\u00a0https:\/\/southcarolina.findyourunclaimedproperty.com\/app\/reporting-guidelines<\/a><\/p>\n It includes a link specifically for businesses that are not holding unclaimed property so that they can file a Negative Report:\u00a0https:\/\/southcarolina.findyourunclaimedproperty.com\/app\/holder-info<\/a><\/p>\n At the bottom of this short online form is an entry for \u201cThis is a Negative Report\u201d that can be clicked \u201cYes\/No.\u201d Additionally, a \u201c?\u201d icon exists to offer the definition: \u201cA negative report is a way for you to notify the State you do not have any unclaimed property due at this time.\u201d<\/p>\n IMPORTANT:<\/strong><\/span>\u00a0If you have failed to report unclaimed property in the past to follow this process: Once past due property is identified, a business can request a voluntary disclosure agreement that allows the business to report past-due property without incurring interest or penalties.<\/p>\n In addition, South Carolina\u2019s Uniform Unclaimed Property Act allows \u201cOn written request by any person required to file a report, the administrator may postpone the reporting date.\u201d<\/p>\n The new 2018 requirement for businesses to file a Negative Report will be a helpful step in the years to come in making businesses aware that there is an annual obligation to have an accounting of where their records stand when it comes to Unclaimed Property.<\/p>\n We hope this explanation is useful and provides you an understanding of the obligations of business owners to be in compliance with South Carolina regulations and to understand this initiative by the State Treasurer\u2019s Office.<\/p>\n The complete text of South Carolina\u2019s \u201cUniform Unclaimed Property Act\u201d can be found here:\u00a0https:\/\/www.scstatehouse.gov\/code\/t27c018.php<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" After being in communication with the State Treasurer\u2019s Office, we would like our clients to know what we have learned regarding state requirements that include \u2018Negative Reporting\u2019 on Unclaimed Property Reports. While you may or may not be\u00a0aware that your business is annually required to submit an Unclaimed Property Report to the State Treasurer\u2019s Office… Continue reading Understanding the New Unclaimed Property Requirement<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.hsco-cpa.com\/blog\/wp-json\/wp\/v2\/posts\/314"}],"collection":[{"href":"https:\/\/www.hsco-cpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hsco-cpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hsco-cpa.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hsco-cpa.com\/blog\/wp-json\/wp\/v2\/comments?post=314"}],"version-history":[{"count":3,"href":"https:\/\/www.hsco-cpa.com\/blog\/wp-json\/wp\/v2\/posts\/314\/revisions"}],"predecessor-version":[{"id":317,"href":"https:\/\/www.hsco-cpa.com\/blog\/wp-json\/wp\/v2\/posts\/314\/revisions\/317"}],"wp:attachment":[{"href":"https:\/\/www.hsco-cpa.com\/blog\/wp-json\/wp\/v2\/media?parent=314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hsco-cpa.com\/blog\/wp-json\/wp\/v2\/categories?post=314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hsco-cpa.com\/blog\/wp-json\/wp\/v2\/tags?post=314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}