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Texas Issues Updates to Due Diligence Requirements for 2020 Reporting

Thursday, May 7, 2020   (0 Comments)
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The Texas Comptroller of Public Accounts has issued the following updates to due diligence requirements for 2020 unclaimed property reporting:

 

Section 74.1011 of Texas Property Code requires holders to provide the due process notice to owners that their property may be reported to the Texas Comptroller of Public Accounts as unclaimed property.

 

For the 2020 report year, exceptions are being allowed in cases where holders are unable to complete the notification by mail and by the deadline. 

 

Updates to the requirements of Section 74.1011 for the 2020 report year are:

  • Holders having trouble meeting due diligence requirements due to COVID-19 are still required to provide effective notice to owners prior to reporting the property but now have additional time to send notice to owners.
  • Holders may now also use alternative means including electronic mail, telephone or other reasonable means to provide the notice to owners.
  • Holders should be aware that this suspension does not waive the notice requirement before reporting unclaimed property.
  • Holders must allow owners a reasonable amount of time to respond to the notification prior to reporting the property. 

 

July 1 Reporting Deadline

This temporary suspension does not change the July 1 reporting deadline.

 

If you believe that you will not be able to provide effective notice to owners before the July 1, 2020, due date, request a waiver of penalty and/or interest for the properties due for your 2020 report. The request should include the following information:

  • Business name
  • Federal Employer Identification Number (FEIN)
  • Reason for the request
  • Date you plan to submit your report and payment
  • Contact information including name, email address and phone number

To submit your request or ask any questions on the due diligence suspension, please contact the Holder Education and Reporting section at up.holder@cpa.texas.gov.

 


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