Holder Reporting Manual 2020 - Nevada State Treasurer
Holder Reporting ManualOffice of Nevada State Treasurer Zach ConineFiscal year 2021Unclaimed Property DivisionDISCLAIMER: The information contained herein remains subject to change at any time without prior notice.Holders are encouraged to check back frequently for updates.
Nevada Holder Reporting Manual 2021The Nevada State Treasurer’s Office UnclaimedProperty Division is committed to assisting holdersmaintain compliance with reporting requirements.Please do not hesitate to reach out should youhave any questions or comments:Phone: (702) 486-4140Fax: (702) 486-4177Website: http://www.nevadatreasurer.gov/Email: nvholder@ nevadatreasurer.govPage 1
Nevada Holder Reporting Manual 2021TABLE OF CONTENTSQUICK REFERENCE GUIDE . 4WHAT’S NEW – RECENT CHANGES AND UPDATES . 5GENERAL INFORMATION. 8What is unclaimed property? . 8Reporting requirements . 8What must be reported? . 8Who must report? . 8HOLDER REPORTING . 10Determining dormancy . 10Online reporting . 10Report formatting . 10Negative reports . 11Due diligence requirements . 11Submitting reports . 12Dormancy charges . 12Out-of-state holders . 13Foreign holders / holders without a TIN / FEIN . 13Early reporting . 13Request for an extension . 13Late reporting. 13Remitting payment . 13Fees . 14Third-party reporting agreements . 14Reimbursements and adjustments . 14Records retention . 14Penalties and interest . 14Audits . 14Voluntary Disclosure Agreement ( VDA) . 15SPECIAL PROPERTY TYPES . 16Delivery and registration of securities and mutual funds . 16Court ordered unclaimed property . 18Estates . 18Properties with multiple owners . 18Settlement funds . 19Aggregate properties . 19Business to business exemptions . 19Individual Retirement Accounts . 19Property and/or reports due to other states . 20Gaming establishments . 20Safe-deposit boxes . 20Gift certificates . 21Virtual currency . 21Page 2
Nevada Holder Reporting Manual 2021Property from other states / reciprocal agreements . 21REPORTING CHECKLIST . 23APPENDICES . 24APPENDIX A – REFERENCES . 25APPENDIX B – SAMPLES . 34APPENDIX C – FORMS . 36Page 3
Nevada Holder Reporting Manual 2021QUICK REFERENCE GUIDERemit and reportdue dateNon-insurance businesses must report and pay before November 1 for property presumedabandoned as of June 30 of the previous year.Insurance businesses must report and pay before May 1 for property presumed abandonedas of December 31 of the previous year.Reports are filed by fiscal year; it is currently FY 21 Nevada’s fiscal year begins July 1stand ends June 30th.Negative reportsIf your business is incorporated or you are a licensed business owner in Nevada, you must filean annual negative report of unclaimed property if you have no property to report.Negative reports must be filed through the Nevada Unclaimed Property Division’s (“theDivision”) online holder reporting portal (“the Portal”). Reports received by any other methodthan through the Portal will not be accepted unless you have received written authorizationfrom the Division to file otherwise.Due diligenceMust be performed within 60 —120 days prior to submitting a report. See page 10 fordetails.Payments are legally required to be remitted to the Division via ACH debit. Prior to remittingpayment, be sure to contact your bank to provide them with the Division’s companycode(D886000022) to allow ACH debit transactions. Failure to do so will cause a paymentto reject.RemittancesAggregatereportingFeesPenalties andinterestSafe-depositboxesStock registrationand deliveryMutual fundsDividendreinvestmentplansPage 4ACH credit, wire transfers, checks, or other payment methods are not accepted unless priorwritten has been received from this office. An exception form (UP 10) and the attachment(UP10A) may be accessed via the following link: Holder Reporting Information [See also,Appendix C]Aggregate reporting is not accepted. Holders must list all abandoned property owner detailfor all properties, regardless of the amount being reported. There is no minimum threshold toreport.Payment by ACH debit is mandatory. A holder who fails to make a payment as required willbe assessed a fee by the Division. The fee will be the greater of 50 or 2 percent of theamount of the payment. Written authorization is required from the Division for a holder tofile a report or submit payment other than by electronic means through the Portal.See page 13 for information.See page 19 for information.See page 15-17 for instructions.See page 16 for instructions.See page 15 for instructions.
Nevada Holder Reporting Manual 2021WHAT’S NEW – RECENT CHANGES AND UPDATESNEW - SECURE ActThe Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act, whichoriginally passed the House of Representatives in July 2019, was approved by the Senate on December19, 2019 andsigned into law on December 20, 2019. This act changed the required mandatory distribution age (RMD) from 70 ½to 72. Further the CARES Act waived any required mandatory distribution for 2020. While this will not affectcurrent year reporting please take this into consideration as these types of accounts age into dormancy.Senate Bill 44Senate Bill 44 (SB44) of the 2019 Nevada Legislative Session made several changes to Nevada’s unclaimedproperty laws and became effective on July 1, 2019. While these changes were in effect for the past year’sreporting, revisions of Nevada Revised Statute (NRS) 120A have now been issued, and the current statuteencompasses all changes resulting from SB44. You can find the updated version of NRS 120A athttps://www.leg.state.nv.us/NRS/NRS-120A.html and below are the changes with the updated statutoryreferences.NRS 120A.730 - FeesPayment by ACH debit is mandatory. A holder who fails to make a payment as required will be assessed a fee bythe Nevada Unclaimed Property Division (“the Division”). The fee will be the greater of 50 or 2 percent of theamount of the payment. Written authorization is required from the Division for a holder to file a report or submitpayment other than by electronic means through the Division’s online reporting portal (“the Portal”).NRS 120A.113 - Virtual (Crypto) CurrencyThis definition provides additional clarity that “virtual currency or interest” is “property” and as such, subject tounclaimed property laws. Prior to July 1, 2019, virtual currency was deemed property under the NRS 120A.113definition of property as “a fixed and certain interest in intangible property that is held, issued or owed in the courseof a holder’s business”. The presumption of abandonment for virtual currency is covered under NRS 120A.500(1)(n),through June 30, 2019 and SB44 (2019) Section 11(1)(o) as of July 1, 2019. For reporting purposes, the propertytype code for virtual currency is MS17 “Miscellaneous Currency”. As Nevada does not currently have the capability toreceive virtual currency in native form, it must be liquidated prior to submitting a report, with the cash value on thedate of liquidation included on, and remitted with, the report. As reports are due before November 1 of each year, itis recommended that the liquidation be no earlier than one month before remitting the report and that the date forliquidation remain consistent from year-to-year.NRS 120A.080“Holder” has been amended to include “business” or “assumed to be obligated” to be holding property for a businessor individual.Definitions for “Payroll card” and “Stored-value card” have been added to the statute.The definition of “Money order” has been amended to include, “an order for payment of a specified amount of money”.The definition of “Property” has been amended to include “all income from or increments to the property”. This includesmoney, virtual currency or interest, or a payroll card, dividend, check, draft, or deposit, stored-value card, unusedticket for which the issuer has an obligation to provide a refund, a security, except for a security that is subject to alien, legal hold or restriction restricts the holder’s or owner’s ability to receive, transfer, sell or otherwise negotiate thesecurity, a security, and a distribution or payment of a dividend. The term does not include property held in an ABLEaccount, game-related digital content, or a loyalty card.Page 55555
Nevada Holder Reporting Manual 2021NRS 120A.500A provision was added to determine when an account of funds established to meet the costs of burial are consideredabandoned. The Division will interpret the recent statutory language as follows:What types of accounts should be turned over as unclaimed property? “An account of funds established to meet the costs of burial” will be interpreted to mean those contractsestablished pursuant to NRS 689.150-.375 and as defined under NRS 689.150(3) for Prepaid Contracts forFuneral Services, as well as, those contracts established pursuant to NRS 689.450-.730 and as definedunder NRS 689.475 for Prepaid Contracts for Burial and Cemetery Services. As provided in NRS 689.480(2)(a), plots, niches, crypts should not be turned over as unclaimed property, asthey should be separately provided for and identified in the contract.How should amounts be calculated and turned over as unclaimed property? The Division will interpret amounts due to be turned over as those which reflect net purchase price of the contract asestablished under NRS 689.065.Who should be listed as the owner of the property? The Division will expect that the property owner be listed as the beneficiary of the contract, as required under NRS689.150(3) and NRS 689.475(1).Example:In 2015, ABC Funeral Home established a funeral services contract with Barbara (the buyer) and her brother, Bob (thebeneficiary) for a total price of 10,000. In April of 2020, Bob passed away at age 89, and his family chose to not usethe preneed contract, nor did they seek to receive a refund. Accordingly, ABC Funeral Home should report the netpurchase price ( 7,500, assuming a 25% sales commission as allowed under statute) as unclaimed property to the Statein the name of Bob.NRS 120A.560This section has been amended to include provisions regarding holders utilizing third party reporters to submit reportsto the Division. Doing so does not alleviate the responsibility of the holder for submitting complete, timely, andaccurate reports of property presumed abandoned, for paying or delivering the property described in the report,and for any penalties, interest, and fees due pursuant to NRS 120A.730.If the apparent owner has previously agreed in writing to receive communication via email, the holder must send duediligence notification both by US mail and email, unless the holder believes the address and/or email address areinvalid.Deduction and withholding codesINDIVIDUAL RETIREMENT ACCOUNTS – INCOME TAX WITHHELD (TW)On January 1, 2020, the Internal Revenue Service Ruling 2018-17 became effective concerning withholding andreporting taxes with respect to payments from Individual Retirement Accounts (“IRAs”) to state unclaimed propertyprograms.Holders reporting these properties should make use of the NAUPA Standard Deduction and Withholding code “TW”to represent “Income Tax Withheld”. The value “TW” should be recorded in the PROPERTY record in the PROPDEDUCTION-TYPE field. The amount of Federal Tax Withheld should be stored in the PROP-DEDUCTION-AMOUNTfield. This code should be used for any taxes withheld from remitted properties. The value of the property before thededuction should be stored in the PROP-AMOUNT-REPORTED field. The amount remitted to the state after the FederalTax Withholding should be stored in the PROP-AMOUNT-REMITTED field. It is imperative that all withheld taxes arePage 6
Nevada Holder Reporting Manual 2021reflected in reports of unclaimed property, so that the claimants may be so advised and address this in conjunctionwith their tax reporting. For more information related to the NAUPA reporting standard, please es who withhold taxes should report and remit those taxes to the Internal Revenue Service or other taxingagency. Contact your legal or tax advisor for reporting and remittance instructions. For more information on theRevenue Ruling 2018-17, fService ChargesPer “NRS 120A.540 Dormancy charge. A holder may deduct from property presumed abandoned a chargeimposed by reason of the owner’s failure to claim the property within a specified time only if there is a valid andenforceable written contract between the holder and the owner under which the holder may impose the charge andthe holder regularly imposes the charge, which is not regularly reversed or otherwise cancelled. The amount of thededuction must not exceed 5 per month.” Holders with allowable deductions may use the following codes:SW – Service Charge – For dormancy fees. Note: Fee cannot be more than 5 per month and may only applyonce a property is presumed abandoned.ZZ – Deduction Code Not Identified – Note: Use of this deduction code requires prior written approval from theNevada Unclaimed Property Division. Failure to do so will result in the report rejecting.Reporting and payment requirementsPlease be aware that Senate Bill 44 explicitly codified the requirement that holders must submit reports andpayments through the Portal. Previously, the requirement to submit reports and payments online was authorized bystatute and confirmed via a published industrywide notice. As before, paper reports, CD ROMS, USB flash drives,spreadsheets, report files, and diskettes submitted by US mail, email, or online, will not be accepted unless priorwritten authorization has been granted by the Division.As a reminder, holder reports and payments submitted through the Portal are encouraged to be submittedsimultaneously. Holders must contact their financial institutions to authorize ACH debit PRIOR to sendingpayments through the Portal by providing them with Nevada’s company code (D886000022) or the paymentwill reject. Be aware that a rejected payment cannot be resubmitted until the initial error has been corrected.Rejected payments may be subject to penalty and interest if the resubmitted payment is received after the reportingdue date pursuant to NRS 120A.730.Payment / report exceptionsRequests to pay by any other means than by ACH debit require the completion of an ACH Debit Payment ExceptionForm. [ACH Debit Payment Exception Form UP-10 – Appendix C] The request must provide a detailed explanationfor the need to submit payment outside of the standard process and requires specific information from the reportsthat the payment will apply to. Accordingly, reports must be prepared prior to submitting an exception request. Scanand attach additional documentation, if required, to support an exception request. Sending an email request withoutthe required exception forms and report documentation will not be accepted.Requests to file a holder report by any other means than through the Portal require the completion of an OnlineReport Filing Exception Form UP-12. [Appendix C] The form must provide a detailed explanation for the need tosubmit a report outside of the standard process. Scan additional documentation, if required, to support your request.Visit http://www.nevadatreasurer.gov/Unclaimed Property/Holder Reporting/ to view the Online Holder ReportingUser Manual, register for access, submit reports, or seek an exception.Page 77777
Nevada Holder Reporting Manual 2021GENERAL INFORMATIONWhat is unclaimed property?Unclaimed property can be any financial asset owed to another business or individual. Property is consideredabandoned when there has been no activity or contact with an owner for a specific period. The property type willdetermine the abandonment period; however, it is typically three years. When a holder’s attempts to locate therightful owner have been unsuccessful, the assets must be remitted to the Nevada State Treasurer
Non-insurance businesses must report and pay before November 1 for property presumed . under NRS 689.475 for Prepaid Contracts for Burial and Cemetery Services. As provided in NRS 689.480(2)(a), plots, . The amount of Federal Tax
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evidence of ownership if the holder does not issue certificates of ownership to the administrator. Upon delivery of a duplicate certificate to the administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every
