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The Louisiana Up 1 form serves as a critical document for entities reporting unclaimed property to the state. This form, issued by the Louisiana Department of the Treasury's Unclaimed Property Division, must be submitted annually by November 1. It captures essential information such as the holder's name, address, and contact details, along with the federal ID number and state of incorporation. The reporting period and the year of the report must also be specified. In addition, the form requires the holder to indicate whether they filed a report in the previous year and to provide explanations if they did not. It includes sections for detailing any changes in the holder's name or address if applicable. The Up 1 form also mandates the inclusion of a remittance that reflects the total amount due, including interest and penalties, if applicable. The document concludes with an official verification section, where a designated representative must declare the accuracy of the information provided, affirming compliance with Louisiana law regarding unclaimed property. Failure to adhere to these requirements can result in penalties, emphasizing the importance of accurate and timely submissions.

Document Example

Rev. 02/2013

UP-1

State of Louisiana

 

Department of the Treasury

 

Unclaimed Property Division

This form may

P.O. Box 91010

be reproduced

Baton Rouge, LA 70821-9010

 

(225) 219-9400

 

LOUISIANA REPORT OF UNCLAIMED PROPERTY VERIFICATION

 

Report Year: __________________________________ Period Covered: _________________ to ________________

FILE BEFORE NOVEMBER 1.

If the due date falls on a weekend or holiday, the report is due on the next business day and becomes delinquent on the first day thereafter.

Holder Account Number

 

 

 

(If Known)

 

 

 

Holder Name:

 

 

 

 

 

 

 

Address 1:

 

 

 

 

 

 

 

Address 2:

 

 

 

 

 

 

 

City, State, Zip:

 

 

 

 

 

 

 

Contact Person:

 

 

 

 

 

 

 

Telephone Number:

 

Fax Number:

 

 

 

 

 

Email Address:

 

 

 

 

 

 

 

Federal ID Number:

 

 

 

 

 

 

State of Incorporation:

 

Date of Incorporation:

 

 

 

 

 

Primary Business Activity:

 

 

 

 

 

 

 

Did you file a report of

 

 

 

Unclaimed Property last year?

YES

NO

 

 

 

 

If NO, please explain:

 

 

 

 

 

 

 

If you are the successor to a previous holder of the property, or if you have changed your name or address, please make corrections and list your previous name below:

Previous Name:

Previous Address:

Previous City, State, Zip:

YOUR REMITTANCE MUST ACCOMPANY THIS REPORT

PLEASE MARK ONE:

Annual Report (DUE NOVEMBER 1)

Supplemental/Additional Report

 

 

 

 

 

 

Total Amount Due From Last Page:

 

$

 

 

 

 

 

 

 

Interest:

 

$

 

 

 

 

 

 

 

Penalty:

 

$

 

 

 

 

 

 

 

Total Remittance:

 

$

 

 

 

 

 

 

 

Total Number of Shares of Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

OFFICIAL VERIFICATION OF REPORT

I, __________________________________, hereby declare, under penalty of perjury, that to the best of my knowledge

and belief, the following documentation contain a full, true, and complete report consisting of ____ page(s) totaling

$____________ regarding to the property presumed abandoned, remitted with this documentation, under the

provisions of La. R.S. 9:151-181 as of __________________, _____.

I further declare that this documentation contains complete and accurate information pertaining to the interest-bearing nature of all properties, remitted with this documentation contained therein. Specifically, I acknowledge and declare that this report accurately reflects whether each unit of remitted property, listed in the attached documentation, bears interest or is not interest bearing. I understand and acknowledge that failure to designate a remitted unit of property as bearing interest is equivalent to an express statement that such property is not interest bearing.

_____________________________________

______________________________

__________________________

Signature of Official

Title

Date

 

 

 

Dos and Don'ts

When filling out the Louisiana Up 1 form, certain practices can help ensure accuracy and compliance. Here are five things you should and shouldn't do:

  • Do ensure that all required fields are completed. Missing information can delay processing.
  • Don't submit the form without verifying the accuracy of the data. Double-check names, addresses, and amounts.
  • Do file the report before the November 1 deadline. Late submissions may incur penalties.
  • Don't forget to include your remittance. The payment must accompany the report for it to be considered valid.
  • Do keep a copy of the completed form for your records. This can be useful for future reference or audits.

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Detailed Instructions for Filling Out Louisiana Up 1

Completing the Louisiana Up 1 form requires careful attention to detail. This form must be filled out accurately and submitted by the deadline to avoid penalties. Below are the steps to ensure proper completion of the form.

  1. Obtain the Louisiana Up 1 form from the Louisiana Department of the Treasury Unclaimed Property Division website or by contacting their office.
  2. Fill in the Report Year and the Period Covered fields, indicating the start and end dates of the reporting period.
  3. Provide the Holder Account Number if known.
  4. Enter the Holder Name and complete the address fields, including Address 1, Address 2, City, State, Zip.
  5. Identify a Contact Person and provide their Telephone Number, Fax Number, and Email Address.
  6. Fill in the Federal ID Number, State of Incorporation, Date of Incorporation, and Primary Business Activity.
  7. Indicate whether you filed a report of Unclaimed Property last year by checking YES or NO. If you select NO, provide an explanation.
  8. If applicable, correct any previous holder information by entering the Previous Name, Previous Address, and Previous City, State, Zip.
  9. Mark the appropriate box to indicate whether this is an Annual Report or a Supplemental/Additional Report.
  10. Calculate and enter the Total Amount Due From Last Page, Interest, Penalty, and the Total Remittance.
  11. Indicate the Total Number of Shares of Stock being reported.
  12. In the Official Verification of Report section, print your name and sign the document, providing your title and the date.

Once completed, review the form for accuracy. Ensure that all required fields are filled out correctly. Submit the form along with the necessary remittance before the deadline to avoid any penalties.

Documents used along the form

The Louisiana Up 1 form is essential for reporting unclaimed property to the state. However, several other documents often accompany this form to ensure compliance and provide additional information. Below is a list of related forms and documents that may be required in conjunction with the Louisiana Up 1 form.

  • Annual Report of Unclaimed Property: This document details all unclaimed property held by a business for the reporting year. It includes a breakdown of the types of property, amounts, and any relevant information about the owners.
  • Supplemental Report: If a business discovers additional unclaimed property after the annual report is filed, this report is used to update the state. It includes new properties not previously reported.
  • Holder Registration Form: This form registers the business as a holder of unclaimed property. It provides the state with essential information about the business, such as its name, address, and contact details.
  • Quitclaim Deed Form: When transferring real estate, utilize the comprehensive Quitclaim Deed form instructions to ensure the process is handled correctly.
  • Affidavit of Heirship: In cases where property is claimed by heirs, this affidavit serves as a legal document confirming the relationship of the claimant to the original owner of the unclaimed property.
  • Claim Form for Unclaimed Property: Individuals or entities seeking to reclaim unclaimed property must complete this form. It requires information about the claimant and the property in question.
  • Power of Attorney: If a claimant wishes to authorize someone else to act on their behalf regarding unclaimed property, this document grants that authority. It must be signed by the claimant.

Each of these documents plays a vital role in the process of reporting and reclaiming unclaimed property in Louisiana. Ensuring that all necessary forms are completed accurately and submitted on time can help avoid penalties and facilitate smoother transactions.

Your Questions, Answered

What is the Louisiana Up 1 form?

The Louisiana Up 1 form is a report that businesses and organizations must file with the Louisiana Department of the Treasury's Unclaimed Property Division. This report details unclaimed property held by the organization, such as forgotten bank accounts, uncashed checks, or unclaimed dividends. It ensures that property owners can reclaim their assets and helps the state manage unclaimed property effectively.

Who needs to file the Louisiana Up 1 form?

Any business or organization that holds unclaimed property must file the Louisiana Up 1 form. This includes corporations, partnerships, and non-profits. If your organization has unclaimed assets, it is your responsibility to report them to the state.

When is the Louisiana Up 1 form due?

The form is due annually by November 1. If November 1 falls on a weekend or holiday, the deadline extends to the next business day. Failing to file on time can result in penalties, so it’s important to stay aware of these deadlines.

What information is required on the form?

The Louisiana Up 1 form requires various pieces of information, including:

  • Holder name and address
  • Contact person’s details
  • Federal ID number
  • Report year and period covered
  • Details of unclaimed property, including total amounts due

Accurate and complete information is crucial for the form to be processed correctly.

What happens if I miss the filing deadline?

If you miss the November 1 deadline, your report becomes delinquent. This can lead to penalties and interest charges on the amount due. It’s advisable to file as soon as possible to minimize any potential consequences.

What is considered unclaimed property?

Unclaimed property can include a variety of assets such as:

  • Bank accounts
  • Checks that have not been cashed
  • Insurance policy benefits
  • Stocks and dividends
  • Utility deposits

If property has been inactive for a specified period, it may be classified as unclaimed.

Is there a penalty for not filing the report?

Yes, there are penalties for not filing the Louisiana Up 1 form on time. These can include monetary fines and interest on the amount owed. Additionally, failure to file can complicate the process of reclaiming property in the future.

Can I file the Louisiana Up 1 form electronically?

Currently, the Louisiana Up 1 form must be submitted in paper format. However, it’s always a good idea to check the Louisiana Department of the Treasury's website for any updates regarding electronic filing options.

What should I do if I have questions about the form?

If you have questions about completing the Louisiana Up 1 form, you can contact the Unclaimed Property Division directly at (225) 219-9400. They can provide guidance and clarify any uncertainties you may have.

What if I am a successor to a previous holder of the property?

If you are the successor to a previous holder, it’s essential to provide accurate information regarding the previous holder’s name and address on the form. This helps ensure a smooth transition and accurate reporting of the unclaimed property.

Common mistakes

Filling out the Louisiana UP 1 form can be a straightforward process, but several common mistakes can lead to complications. One frequent error is failing to submit the form before the November 1 deadline. If the due date falls on a weekend or holiday, individuals must remember that the report is due on the next business day. Missing this deadline can result in penalties and interest charges.

Another mistake often made is neglecting to provide complete contact information. The form requires specific details such as the holder's name, address, and contact person. Incomplete information can hinder communication with the Unclaimed Property Division, leading to delays in processing the report.

Many individuals also overlook the importance of accurately reporting the previous name and address if there has been a change. This information is crucial, especially for successors to previous holders. Failing to make these corrections can complicate the verification process and may result in the report being deemed incomplete.

Additionally, some filers do not clearly indicate whether they are submitting an annual report or a supplemental/additional report. This distinction is important for proper processing. Mislabeling the report can lead to confusion and potentially delay the remittance of unclaimed property.

Another common issue arises when individuals fail to calculate the total remittance accurately. The form requires a total amount due, including interest and penalties. Inaccurate calculations can lead to discrepancies that must be resolved before the report can be accepted.

Furthermore, the verification section of the form is sometimes filled out incorrectly. Signatures must be provided, along with the title and date. Omitting any of these elements can result in the report being rejected, necessitating resubmission.

Lastly, some filers do not keep a copy of the submitted report. Retaining a copy is essential for personal records and can serve as proof of compliance should any issues arise in the future. Failing to do so can complicate matters if questions about the report's contents or submission date come up later.

Misconceptions

Misconceptions about the Louisiana Up 1 form can lead to confusion and errors in the reporting process. Here are nine common misconceptions, along with clarifications:

  • The form is only for businesses. Many individuals, including sole proprietors, may also need to file this form if they hold unclaimed property.
  • Filing is optional. Filing the Up 1 form is mandatory for holders of unclaimed property. Failure to file can result in penalties.
  • Reports are due at any time. The Up 1 form must be filed by November 1 each year. Late submissions incur penalties.
  • Only cash must be reported. All types of unclaimed property, including stocks and bonds, need to be reported on the form.
  • Previous reports do not matter. If a holder filed a report last year, they must indicate this on the current form. This helps maintain accurate records.
  • Only the current name and address need to be listed. If there have been changes, previous names and addresses should also be provided for clarity.
  • Interest does not need to be reported. Holders must specify whether the property bears interest. Omitting this information can lead to legal implications.
  • Penalties are not a concern. Penalties for late filing can accumulate quickly, making timely submission crucial.
  • Anyone can sign the report. Only an authorized official can sign the Up 1 form, ensuring accountability and accuracy in the report.

Understanding these misconceptions can help ensure compliance and accuracy when filing the Louisiana Up 1 form.

Document Attributes

Fact Name Details
Purpose of the UP-1 Form The Louisiana UP-1 form is used to report unclaimed property to the state, ensuring compliance with state laws and facilitating the return of abandoned property to rightful owners.
Filing Deadline Reports must be filed by November 1 each year. If this date falls on a weekend or holiday, the report is due the next business day, and any late submissions become delinquent thereafter.
Governing Law The UP-1 form is governed by Louisiana Revised Statutes, specifically La. R.S. 9:151-181, which outlines the rules and regulations regarding unclaimed property.
Required Information Filers must provide detailed information, including the holder's name, address, contact information, and specifics about the property being reported, such as the total amount due and whether the property bears interest.
Verification Requirement The form requires an official verification, signed under penalty of perjury, confirming that the report is complete and accurate, including details about the nature of the reported property.