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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.
Q. My company has several outstanding B2B customer refund and rebate checks with companies that we… Read More
Q. Do we need to report checks payable to foreign vendors as unclaimed property? If not, do we… Read More
Q. I have been challenged with two scenarios involving closing expenses.
1. I have a scenario… Read More
Q. When expired Zelle payments return to us (recipient did not accept the funds within the… Read More
Q. I am trying to find out how the escheatment regulations apply to local governments. Currently,… Read More
Q. I am wondering what is common best practice out there when it comes to which group owns the… Read More
Q. I have two uncashed checks for payees in Puerto Rico. What are the requirements?
A.
(Answered… Read More
Q. California's dormancy period is three years; however, the funds we need to escheat belong to… Read More
Q. I have been thinking about the current way we issue 1099s/unclaimed property and wanted to… Read More
Q. Hoping you can provide us with direction/ confirmation on an outstanding check that will soon… Read More
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