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Outline

The Louisiana Up 1 form is an essential document for businesses and organizations that hold unclaimed property, serving as a formal report to the state’s Unclaimed Property Division. This form must be submitted annually, with a deadline of November 1st, ensuring that holders of unclaimed property remain compliant with state regulations. It requires detailed information, including the holder's name, address, and contact details, as well as specifics about the unclaimed property being reported. The form also prompts holders to indicate whether they filed a report in the previous year, and if not, to provide an explanation. In addition, it includes sections for remittance, allowing holders to calculate and submit any amounts due, including interest and penalties. A crucial component of the form is the official verification section, where an authorized individual must declare the accuracy of the report under penalty of perjury. This declaration affirms that the documentation is complete and truthful, reflecting the interest-bearing nature of the reported properties. Overall, the Louisiana Up 1 form plays a pivotal role in the state’s efforts to manage unclaimed property and protect the rights of rightful owners.

Sample - Louisiana Up 1 Form

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

 

 

 
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Form Information

Fact Name Description
Form Purpose The Louisiana UP-1 form is used to report unclaimed property to the state.
Filing Deadline This report must be filed before November 1 each year. If the deadline falls on a weekend or holiday, it is due the next business day.
Governing Law The form is governed by Louisiana Revised Statutes, specifically La. R.S. 9:151-181.
Contact Information Holders must provide their contact details, including telephone number and email address, on the form.
Remittance Requirement A remittance must accompany the report, detailing the total amount due, interest, and any penalties.
Verification Statement The form requires an official verification statement, signed under penalty of perjury, confirming the accuracy of the information provided.
Previous Holder Information If applicable, holders must disclose previous names or addresses if they are successors to a previous holder.

Detailed Guide for Filling Out Louisiana Up 1

After completing the Louisiana Up 1 form, you will need to submit it along with any required remittance by the deadline. Ensure that all information is accurate and complete to avoid delays or penalties.

  1. Begin by entering the Report Year at the top of the form.
  2. Fill in the Period Covered by specifying the start and end dates.
  3. Provide your Holder Account Number if you know it.
  4. Enter your Holder Name and address details, including Address 1, Address 2, City, State, and Zip.
  5. List the Contact Person along with their Telephone Number, Fax Number, and Email Address.
  6. Fill in your Federal ID Number and State of Incorporation.
  7. Provide the Date of Incorporation and describe your Primary Business Activity.
  8. Indicate whether you filed a report of Unclaimed Property last year by selecting YES or NO.
  9. If you answered NO, provide an explanation.
  10. If applicable, correct any previous name or address details and list them under Previous Name and Previous Address.
  11. Mark one option for the type of report: Annual Report or Supplemental/Additional Report.
  12. Calculate and enter the Total Amount Due, Interest, Penalty, and Total Remittance from the last page.
  13. Specify the Total Number of Shares of Stock if applicable.
  14. In the OFFICIAL VERIFICATION OF REPORT section, fill in your name and declare the accuracy of the report.
  15. Sign the form in the Signature of Official section, and provide your Title and the Date.

Obtain Answers on Louisiana Up 1

  1. What is the Louisiana Up 1 form?

    The Louisiana Up 1 form is a report used by businesses and organizations to report unclaimed property to the Louisiana Department of the Treasury. Unclaimed property can include various assets such as uncashed checks, forgotten bank accounts, or unclaimed dividends. Filing this report is essential for compliance with state laws regarding unclaimed property.

  2. 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 other entities that may have unclaimed financial assets. If a business has not filed a report in the previous year, it is crucial to complete the form to avoid penalties.

  3. When is the Louisiana Up 1 form due?

    The form must be filed by November 1 each year. If this date falls on a weekend or holiday, the report is due on the next business day. Failure to submit the form by the deadline can result in penalties and interest on the amount owed.

  4. What information is required on the form?

    The Louisiana Up 1 form requires various details, including:

    • Holder name and address
    • Contact person and their information
    • Federal ID number and state of incorporation
    • Date of incorporation and primary business activity
    • Previous holder information, if applicable

    Additionally, the form requires verification of the report and total amounts due.

  5. What happens if I do not file the Louisiana Up 1 form?

    Failure to file the Louisiana Up 1 form can lead to penalties, including financial fines. The state may also take action to recover unclaimed property, which could affect your business's reputation and financial standing.

  6. Can I submit the Louisiana Up 1 form electronically?

    The Louisiana Department of the Treasury allows for electronic submission of the Up 1 form. Check the department's website for specific instructions and any available online filing options. This can streamline the process and ensure timely submission.

  7. What if I need to correct information on the form?

    If you discover an error after submitting the form, it is essential to correct it as soon as possible. Contact the Louisiana Department of the Treasury's Unclaimed Property Division to discuss the necessary steps for making corrections to your report.

  8. What are the penalties for late filing?

    Late filing of the Louisiana Up 1 form can result in penalties that may include interest on the amount due and additional fines. The specifics of these penalties can vary based on how late the filing is. It is always best to file on time to avoid these complications.

  9. Is there a fee associated with filing the Louisiana Up 1 form?

    There is no fee for filing the Louisiana Up 1 form itself; however, any amounts reported as unclaimed property must be remitted along with the report. This includes any penalties or interest that may have accrued due to late filing.

  10. Where can I find more information about the Louisiana Up 1 form?

    For additional information, visit the Louisiana Department of the Treasury's website. They provide resources, guidelines, and contact information for assistance with the Up 1 form and unclaimed property reporting.

Common mistakes

Filling out the Louisiana UP-1 form can be a straightforward process, but many individuals and businesses make common mistakes that can lead to complications. One frequent error is failing to submit the form by the deadline. The form is due by November 1, and if that date falls on a weekend or holiday, it is essential to submit it on the next business day. Missing this deadline can result in penalties.

Another common mistake is neglecting to provide complete contact information. The form requires the holder's name, address, and contact details, including a telephone number and email address. Incomplete information can hinder communication with the Unclaimed Property Division, potentially delaying the processing of the report.

Many people also overlook the importance of including the correct Holder Account Number. If known, this number should be filled in accurately. Leaving it blank or providing an incorrect number can create confusion and may lead to the misplacement of the report.

Some filers forget to indicate whether they filed a report of unclaimed property in the previous year. This question is crucial, as it helps the state understand the reporting history of the holder. If the answer is "no," it is necessary to provide an explanation. Failing to do so can lead to additional inquiries from the state.

Another mistake is not marking the correct type of report being submitted. The form allows for an Annual Report or a Supplemental/Additional Report. Choosing the wrong option can result in processing delays or misclassification of the report.

Individuals often miscalculate the total amount due from the last page. It is vital to ensure that all figures are accurate, including the total remittance, interest, and penalties. Errors in calculations can lead to discrepancies that require further clarification.

Some filers neglect to provide their Federal ID Number, which is essential for identification purposes. This omission can slow down the processing of the report and may lead to complications in the future.

When there are changes in ownership or address, it is crucial to correct this information on the form. Failing to list a previous name or address can create confusion and may result in the property being misidentified.

Lastly, many individuals do not sign the form or fail to include the title and date. The official verification section requires a signature under penalty of perjury, and missing this step can invalidate the report.

By being aware of these common mistakes, individuals and businesses can ensure that their Louisiana UP-1 form is filled out correctly and submitted on time, minimizing the risk of penalties and complications.

Documents used along the form

The Louisiana Up 1 form is a key document used for reporting unclaimed property to the Louisiana Department of the Treasury. Alongside this form, several other documents are often required to ensure compliance and provide necessary information. Below is a list of these documents, each accompanied by a brief description.

  • Unclaimed Property Holder Report: This is a comprehensive report detailing all unclaimed properties held by the organization. It includes information about the property, the owner, and the nature of the claim.
  • Owner Notification Letter: This letter is sent to inform the rightful owners of their unclaimed property. It outlines the process for claiming the property and provides necessary contact information.
  • Affidavit of Heirship: This document is used to establish the identity of heirs when the original owner of the unclaimed property is deceased. It provides legal proof of relationship and entitlement.
  • Claim Form: This form is filled out by individuals wishing to claim their unclaimed property. It collects personal information and details about the property being claimed.
  • Tax Identification Documentation: This includes forms such as W-9 or W-8, which provide the necessary tax identification information for the holder and the claimant.
  • Proof of Ownership Documents: These documents, such as receipts or account statements, serve to verify the claimant's ownership of the unclaimed property.
  • Supplemental Report Form: This form is used to report any additional unclaimed properties discovered after the initial filing. It ensures that all properties are accounted for and reported correctly.
  • Payment Remittance Form: This document accompanies the payment for any amounts owed related to the unclaimed property, detailing the total remittance and any applicable penalties or interest.

Each of these documents plays a crucial role in the unclaimed property reporting process in Louisiana. Properly completing and submitting them helps ensure compliance with state regulations and facilitates the return of property to its rightful owners.

Similar forms

The Louisiana UP-1 form serves as a vital document for reporting unclaimed property. Several other forms share similarities with it, each serving a specific purpose in the realm of unclaimed property reporting. Here’s a breakdown of eight documents that are similar to the Louisiana UP-1 form:

  • California Unclaimed Property Report (Form UPD-1): Like the Louisiana UP-1, this form requires businesses to report unclaimed property and includes details about the holder, property types, and amounts due.
  • Texas Unclaimed Property Report (Form UP-1): This document also mandates the reporting of unclaimed property, focusing on the holder's identity, property descriptions, and remittance details.
  • New York Annual Report of Unclaimed Funds (Form AU-1): Similar to the UP-1, this form requires a comprehensive report of unclaimed funds, including verification and holder information.
  • Florida Unclaimed Property Report (Form UP-1): This report outlines the requirements for businesses to disclose unclaimed property, including detailed contact information and property specifics.
  • Illinois Unclaimed Property Report (Form UP-1): This document serves a similar purpose by requiring holders to report unclaimed property with detailed verification and remittance information.
  • Ohio Unclaimed Funds Report (Form UCF-1): Like the Louisiana UP-1, this report involves declaring unclaimed funds with necessary holder details and property classifications.
  • Pennsylvania Unclaimed Property Report (Form UP-1): This form requires holders to report unclaimed property and includes a verification section similar to that found in the Louisiana UP-1.
  • Michigan Unclaimed Property Report (Form UCP-1): This document parallels the UP-1 by necessitating a detailed report of unclaimed property, including holder information and amounts due.

Each of these forms serves the common goal of ensuring unclaimed property is reported accurately and in a timely manner, providing a framework for accountability and transparency among property holders.

Dos and Don'ts

When filling out the Louisiana Up 1 form, attention to detail is crucial. Here’s a list of things to keep in mind:

  • Do file your report before the November 1 deadline to avoid penalties.
  • Don’t forget to include your total remittance with the report.
  • Do provide accurate contact information for follow-up inquiries.
  • Don’t leave any fields blank; incomplete forms can cause delays.
  • Do ensure that the report reflects any changes in your business name or address.
  • Don’t overlook the requirement to declare whether property bears interest.
  • Do double-check the report year and period covered for accuracy.
  • Don’t submit the form without a signature from an authorized official.
  • Do keep a copy of the completed form for your records.

By following these guidelines, you can help ensure a smooth submission process for your Louisiana Up 1 form.

Misconceptions

Here are four common misconceptions about the Louisiana Up 1 form:

  • It’s only for large businesses. Many people think that only large companies need to file this form. In reality, any entity holding unclaimed property, regardless of size, must submit the report.
  • Filing is optional. Some believe that submitting the Louisiana Up 1 form is optional. This is not true. It is required by law, and failing to file can lead to penalties.
  • Reports can be submitted any time of year. Many assume they can file the report whenever they want. However, the deadline is strict. Reports must be submitted by November 1 each year.
  • Only cash needs to be reported. Some think only cash is considered unclaimed property. This is incorrect. Stocks, bonds, and other assets also fall under this category and must be reported.

Key takeaways

Filling out and using the Louisiana Up 1 form is an important process for reporting unclaimed property. Here are some key takeaways to ensure you complete it correctly:

  • Deadline Awareness: Submit your report by November 1. If this date falls on a weekend or holiday, the deadline shifts to the next business day. Reports submitted late will incur penalties.
  • Accurate Information: Provide complete and accurate details about your organization, including the holder name, address, and contact information. This ensures that any correspondence regarding your report reaches you without delay.
  • Remittance Requirements: Your remittance must accompany the report. Clearly indicate whether you are submitting an annual report or a supplemental report. Ensure that the total amount due is calculated accurately, including any penalties or interest.
  • Verification Statement: An official must sign the report, declaring under penalty of perjury that the information is true and complete. This signature is essential for the legitimacy of your submission.