Unclaimed property laws vary by state and are continually evolving. If you are being audited, or are trying to proactively mitigate the risk of an unclaimed property audit, IOFM suggests contacting an attorney, accountant or other professional who specializes in this area.

But as a first step, below is a quick summary of what you need to know – focusing on these key questions:

  • How Long Do I Have to Retain Financial R…
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Unclaimed property responsibilities often fall on the Account Payable (AP) department’s shoulders because much of what must be escheated is generated by AP.

The escheated property often takes the form of, for example, payments, including, but not limited to, uncashed vendor checks, unredeemed vendor credits, unclaimed payroll, accounts receivable credit balances, uncashed dividend checks, interest payments, unredeemed rebates, unused gift c… Read More

Significant Changes Affecting Compliance, VDAs and Audit Enforcement

Senate Bill (SB 13) was signed into law by Delaware Governor Carney on February 2, 2017.  The new law, which became effective upon being signed, makes sweeping reforms to Delaware’s unclaimed property statute (the “UPL”). These changes follow years of scrutiny of the state’s unclaimed property practices, including a strongly worded opinion issued last summer in Temple-I… Read More

Accounts payable professionals would be wise to be aware that a new draft of the Uniform Unclaimed Property Act (UUPA) was approved in July. The revised UUPA (“RUUPA”) will now move on to the states and territories for their review and adoption. The RUUPA may have a far-reaching impact on state and territorial requirements governing...… Read More

Québec Revenu Québec administers unclaimed property in Québec. After three years, unclaimed financial assets, including uncashed checks, are deemed unclaimed property, at which time the holder of the property must perform due diligence in locating the owner. If the holder cannot locate the owner, then they must remit the property to Revenu Québec on an...… Read More

Unclaimed property is a source of concern and a potential liability for companies. “Many companies are being audited, and a number of states use third-party auditors who are paid on a contingency fee basis,” says Karen L. Anderson, J.D., Vice President, Reporting Compliance, at Keane Unclaimed Property. “In addition, the costs of noncompliance can be...… Read More

State laws governing the reporting of unclaimed property are varied and complex, but in order to avoid penalties and interest, AP managers must ensure that outstanding items are properly identified and either resolved or reported. "States have become aggressive in doing auditing for unclaimed property over the last five years," warns Karen L. Anderson, Vice...… Read More

Before you can report and remit unclaimed property you must fulfill your due diligence requirement. That is, you must attempt to contact the owner of dormant property to give them a last opportunity to claim the property from the holder before it is turned over to a State Unclaimed Property Administration. Due diligence makes for...… Read More

Today, all 50 states, Guam, Puerto Rico, the Virgin Islands, and the Canadian provinces of Alberta, British Columbia, Ontario, and Quebec have unclaimed property laws on their books. Unclaimed property laws are considered "custodial" in nature. This means that the property remitted or transferred to a state, as required under its unclaimed property laws, is...… Read More

Updated October 2016 Disclaimer:  This information provided for reference only. Keane updates this information for IOFM annually; while Keane makes every effort to ensure its accuracy, unclaimed property laws and regulations are dynamic and often change with short notice.  Please consult Keane, your compliance staff, or contact specific states to obtain the most current information before reporting...… Read More

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