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Unclaimed Property
When a check goes uncashed, the money isn’t immediately yours. Unclaimed property, or escheatment, still belongs to whomever you were trying to pay – and every state and US territory has different requirements for what you do next. Failure to adequately document your search for the payee can result in massive fines. (In many states, these penalties are one of the largest sources of revenue for states, behind only income, property and sales taxes.)
The more than 100 articles below can keep you current on those due diligence laws to prepare you for your next Unclaimed Property audit.
Companies holding unclaimed funds are required to escheat, or turn over, those funds to the state of the last known address of the payee. Due to inaccurate bookkeeping and oversight, many companies
… Read MoreCompanies holding unclaimed gift certificates are required to turn over, or “escheat,” funds representing the value of those unclaimed gift certificates to the state of the last known address of
… Read MoreA company that has never reported or remitted unclaimed property has a substantial task ahead. Heightened enforcement, expanded audit staffs, and the proliferation of third party ‘bounty hunter’
… Read MoreThe proper processing of unclaimed property can be costly to say the least. The law allows the holders of unclaimed property to deduct service charges from the funds under certain specific conditions,
… Read MoreIf your company has a checking account, then your company likely holds unclaimed property. All companies, no matter how large or small, hold funds (that belong to others) in a variety of forms. Types
… Read MoreIn the field of unclaimed property, the longstanding presumption used to be that “as long as you pay, you’ll be alright.” In truth, however, enforcement activity in recent years has smashed this
… Read MoreThe term "unclaimed property" has been in the news a great deal lately. National and local media have featured people who have reclaimed hundreds of thousands of dollars in unclaimed property from
… Read MoreWhat would you do if you received an audit notice today from a state treasurer or a third party auditor on behalf of a state? There is no doubt that you must respond. Pursuant to unclaimed property
… Read MoreBy Karen Anderson, Senior Compliance AdvisorAbandoned Property Services, LLC Accounts payable professionals are increasingly being asked to implement new procedures and safeguards for ensuring that
… Read MoreWhat are you waiting for?
