Sign Arizona Profit Sharing Agreement Template Now

Document type sign profit sharing agreement template arizona now

welcome to the Arizona unclaimed property holder compliance unit presentation of reporting 101 our act is a version of the 1995 model uniform act and was adopted in 2001 our statutes can be found in title 44 chapter 3 you may review these at the Arizona legislative website what is unclaimed property it is defined as any asset which has held issued erode in the course of business that has certain unclaimed by its own first specific period of time ranging from 1 to 15 years each type of property has its own dormancy period but most calling it a three-year category such as insurance policy refunds securities accounts payable cashiers and vendor checks as well as dormant savings and checking accounts however wages and commissions are only one unit please keep in mind everything is both reportable and the minimal including in small amounts down to the penny what is not unclaimed property de minimis property is defined as any account balance of business associations of $50 or less payable to another business association these are commonly vendor checks and accounts payable items gift certificates or properties nominated in value other than currency such as electronic gift cards a non-refundable ticket stored value cards and merchandise points are all exempted by the Arizona statutes real estate both travel trailers and the light are not considered property under our laws the only tangible property that is reportable to us our safe deposit boxes held under lease by financial institutions your responsibilities as a holder are implementation of proper controls performing due diligence filing the report remitting the property and retaining your report records these are the five key elements for compliance with Arizona unclaimed property law why do businesses and governments need to review their records and report simply because it's the law you must review your records annually for potential unclaimed property you will want to ensure your company has policies and procedures in place to comply with applicable state laws and record retention requirements prior to 120 days of reporting you must make an attempt to locate in return property to its owner if there is an address on file and records do not indicate the address is bad and the value of the property is at least $50 after determining your abandoned property and due diligence has been performed you must report and remit the property to us we encourage you to file reports with the appropriate States but if you are incorporated and/or domiciled in Arizona and you have found you have items for other states which are incidental property meaning less than $1000 and or less than 10 items you may report them to Arizona we will forward the property on to the appropriate state in the future however we cannot accept any property for California Texas or Oklahoma you must file directly with those states because state laws are subject to change we advise you contact any other state to ensure they allow us to accept the property on their behalf Arizona has two annual due dates for reporting unclaimed property life insurance companies must report before May 1st and all of their businesses must report before November 1st sometimes they holder cannot comply with the due date personnel may change or even natural disasters may strike as soon as you are aware you may need additional time please contact us for an extension there are due dates by which to request an extension statute allows for us to require a partial payment with your request however we are not currently requiring any payment with your request for extension please be sure to give us the full entity name including any subsidiaries that may be affected tax ID number the reason for the extension and the amount of time you need to complete the reporting requirement this is the Arizona unclaimed property website we have included links to key information found on our website at the end of this presentation folder resources are located here please move your mouse pointer over the box reading folders to report property to show the drop-down menu for reporting assistance let's take a look at the quick reference guide page the quick reference guide was designed to assist you in basic unclaimed property reporting questions such as how do I make the check payable or to where do I send the report and payment it also includes the remit your tables to assist in determining when items are to be reported this information is located both on our website and in our publication 651 from our holders menu you can select the forms link for all Arizona forms related to unclaimed property reporting the forms web page contains not only reporting forms and their instructions but also the reimbursement request form 670 and our publication 651 you may report on the paper forms if and only if you have ten or less items the 650 a is used for cash-only reports and the 650 B is used for securities with cash reports we will now begin the tutorial on completing these forms this is the report of abandoned property form 650 a this form or its equivalent from unclaimed property software must be signed in accompanied every report and payment that is submitted to the state if either your form or payment is sent under separate cover without previous notification they may be returned to you or you will be contacted by the holder compliance unit your report will not be processed until both are received we will now go through each section of the form 658 section 1 is where you enter your entity information the contact person listed here needs to be able to assist our holder unit with any questions regarding the filing of the report please note we ask that you do not stable the report forms or the check to the forms this impedes our processing effort and causes delays section 2 is the customer contact who should be able to assist the property owner or our claims area with any questions regarding the property listed section 3 is where you list the amount of your report Arizona's aggregate limit is $50 items under $50 do not need to be listed individually on the report but we do ask you provide any information that you have for these owners as the more information we received with your report the less likely we are to contact you each time a claim is filed section 4 contains the entity declarations and indemnity agreement please be sure to review this information section five is the signature area for the employee or agent authorized to sign on behalf of the holder your report cover sheet must be signed to be accepted this is the report of abandoned securities form 650b this cover sheet is to be used if you have securities to report with ten or less owners the instructions are the same as the 650 a with the key difference being section three summary of abandoned securities reported you cannot submit securities properties as aggregate all owners must be listed separately some requirements for securities reporting are included in the section but complete instructions are located under reporting securities on our website the arizona verification and checklist form is not mandatory however it is suits us with processing the report and may prevent calls should we have questions related to the list of property types place a check mark for each property type being reported this form is not fill evolvable please note the 650 to schedule a is to be used only if you have ten or less properties the 652 must accompany every report that is not filed electronically we do not accept Excel Word or Access spreadsheets containing your reported property if your report forms or payment is mailed separately without prior notification they may be returned to you or you may be contacted by the holder compliance unit your report will not be processed until both are received we will now go through each section of the form 652 this form is where you enter the owner information we ask that you enter any and all information that you have is this will assist us in verifying ownership of the funds that you have submitted if you do not have information for that field you can leave a blank enter unknown or n/a holder name your entity name your federal identification number grand total remitted this is the total of the whole report item number number of item on the report this is sequential 1 2 3 etc account number this is your account number or reference number that you have for the property and/or owner check number this is the original check number issued for the owner not the property type this is a required field you will find this code on our website under reporting codes cash amount remitted this is the amount due the owner even if there is only one owner you must complete this field interest rate this is for interest-bearing accounts such as checking accounts savings accounts and CDs last activity date the last time you had contact with the owner the date that the dormancy period began owners last name owners first name middle initial please only list one owner in this field if there's more than one owner please list additional owner information in the correct field below the shaded line owners mailing address this is the last known address for the owner even if you know they are no longer there city state zip country owners tax ID SSN F ein or ITIN which is the individual taxpayer identification number for foreign nationals owners date of birth if known not the relationship code this is a required field you will find these codes on our website please read the relationship codes carefully to ensure that payment will be made correctly the next line of fields pertains to specific property reports of safe deposit boxes or securities fees drilling costs for safe deposit box reports only number of shares are meted security mutual fund name inclusive number are for securities reports only date of death of the owner if known Arizona requires that any report with more than ten properties must be filed electronically in not the standard format if we do not receive this file you will be contacted by the holder compliance unit your report will not be processed until this file is received if you are sending electronic media containing your na file be sure to adhere to the instructions on this slide if you lock your Natha file with a passcode you must email the pasco to us at reporting unclaimed property at AZ do our govt or provide contact information with your report and payment please note that Nava files but hte extensions are encrypted and do not require additional passcode protection be aware if you attempt to open the file you will corrupt it and we will need to request a new file not the files with hrs extensions are not encrypted and you may wish to protect them with a passcode some unclaimed property software files contain the extension FDX do not send these files unless you're submitting unclaimed safe-deposit boxes this file is designed for financial institutions reporting this type of property we have included links to providers offering free reporting software and web-based services on our website hrs pro this is a software program accessed only on the computer to which it is downloaded the software must be updated through the provider every six months or as they require you may submit the Nava file on electronic media and include with your payment and cover sheet or through Yuki Express which we will discuss on the next slide take note the state of Arizona does not provide technical support of any reporting software and remember if you use any type of reporting software whether it is for one owner or 700 you must send us the Nava file created yupi Express is a software-as-a-service web application you may use to upload your Nava file to Arizona you must submit your payment original sign cover sheet and a copy of the submission confirmation page provided by UT Express directly to our unit to complete processing of your annual report this is the negative report of abandoned property form 650d although negative reports are not required by statute we do recommend you file to keep your holder contacts current and retain a consistent filing history section 1 is where you enter your entity and current contact information section 2 is where the authorized individual will sign please mail the completed 650d to the address at the bottom of the form Arizona does not accept electronic negative reports should you have questions or need assistance with reporting unclaimed safe-deposit boxes please contact the vault supervisor if you need to get your company up to date in filing your Arizona abandoned property reports please see our website regarding voluntary compliance filing in order to join our voluntary compliance program or VTA you must not have been contacted by audas down you must report all items for the last 10 years and file timely in the future if your request is approved we will not charge penalties or interest please feel free to contact us for any assistance with reporting unclaimed property you thank you for viewing our reporting 101 presentation please take a moment to complete our holder survey at the link above let us know if the information provided was helpful and if there is anything else you would like to see in the future the next two slides contain the links to our website for the keyholder topics we discussed [Music] you