Escheatment | Unclaimed Property Basics

If you have unclaimed property to report in Texas, your 2013 reporting deadline will be sooner than you think. Texas has changed its deadline from November to July.

From a holder perspective, while it may sound like an opportunity to save time and effort, the degree of discrepancy among states' laws makes reliance on reciprocity a risky business.

When Bankers Trust was fined $50 million for failing to escheat a few years ago, corporate ears perked up. Many wondered, "What is escheatment?" Others began asking, “What are the ground rules; what do we do if we’re not in compliance?"

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Oct 16, 2014

Canada Unclaimed Property

Three Canadian Provinces have unclaimed property programs: Alberta, Quebec, and British Columbia.
Jul 25, 2014

B2B Provisions of State Laws Relating to Unclaimed Property

Many states have specific provisions relating to vendor payments, credit balances, credit memos and other B2B transactions. Unfortunately, they are far from uniform, and the state interpretations differ significantly.
Jul 25, 2014

Unclaimed Property Aggregate Reporting

Most states designate a dollar amount below which only minimal detail information is required in your unclaimed property report.
Jul 25, 2014

State Unclaimed Property Web Site Links

A table of state URLs hot-linked to the state sites for information on unclaimed property reporting and compliance.
Jul 25, 2014

State Escheatment Requirements

Summary Table September 2010 – Escheatment compliance is made complex by the states' differing requirements — dormancy periods, periods for vendor payments, and due diligence requirements. For the AP department that may have vendors in several states, this can create near havoc. The accompanying table summarizes the escheatment requirements of most concern to the AP function for all 50 states.
Jul 03, 2014

New Importance of Unclaimed Property Due Diligence

In the past few years, performing due diligence has become more important and many states have taken measures to ensure that due diligence is performed and to insulate the state from liability to the owner if it is not.
Feb 11, 2014

Texas Adopts New Unclaimed Property Reporting Deadline

If you have unclaimed property to report in Texas, your 2013 reporting deadline will be sooner than you think. Texas has changed its deadline from November to July.
Jun 11, 2013

An Escheatment Primer

When Bankers Trust was fined $50 million for failing to escheat a few years ago, corporate ears perked up. Many wondered, "What is escheatment?" Others began asking, “What are the ground rules; what do we do if we’re not in compliance?"
Jul 24, 2008

About State Reciprocity and Exchange Agreements in Unclaimed Property Reporting

From a holder perspective, while it may sound like an opportunity to save time and effort, the degree of discrepancy among states' laws makes reliance on reciprocity a risky business.
Jun 11, 2008

The Inevitability of Escheatment Audits: Minimizing Your AP Exposure

Accounts payable professionals are increasingly being asked to implement new procedures and safeguards for ensuring that accounting standards, privacy regulations, and/or company policies are followed. The threat of internal or external audit and possible sanctions looms for those who are not vigilant and diligent. Compliance with state escheatment laws requires one more set of procedures that…
Sep 01, 2005

Larger Firms Face Special Challenges

For the large company — Fortune 1000 and near — escheatment brings unique hazards.
Sep 01, 2005

The Positive Side of Escheatment Compliance

There are some good reasons for achieving compliance with escheatment statutes, besides the fact that they are the law and you are subject to fines and penalties if you don’t.
Jun 24, 2005

Managing Unclaimed Property Risk

The normal, everyday operation of your enterprise results in the generation of unclaimed financial obligations that become known as "unclaimed property". Whether you know it or not, if you are an accounting, finance or treasury professional, managing unclaimed property and reporting to the states it in a timely fashion is one of your job responsibilities.
 

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