The following is a message to SCACPA Members from the State Treasurer’s Office:
The State Treasurer’s Office recognizes the important role that South Carolina CPAs play in educating their clients about state and federal regulations that could impact their business. For example, businesses, organizations and government entities are required by state law every year to report unclaimed property to the State Treasurer’s Office by Nov. 1.
We encourage you to discuss unclaimed property reporting requirements with your clients, if you have not already done so. This could be as simple as adding unclaimed property to your “annual client checklist.” You can include this information in your engagement letter or you might offer unclaimed property reporting as a stand-alone service you provide. The State Treasurer’s Office has designed an Unclaimed Property Program flyer you can use as a template if you wish to send a reminder message to clients.
Whether your clients ask you to assist with their annual unclaimed property report or they choose to file it on their own, there are helpful resources on the State Treasurer’s website, including a list of Frequently Asked Questions. There’s even a series of video tutorials that walk you through the steps of how to create, electronically file and submit a report.
The State Treasurer’s Office is committed to partnering with South Carolina CPAs and your clients to ensure unclaimed property is reported to the state so that it can eventually be returned to the rightful owners. If you need additional details, contact the State Treasurer’s Office at firstname.lastname@example.org.