Unclaimed Property

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When Bankers Trust was fined $50 million for failing to escheat several years ago, corporate ears perked up. Many wondered, "What is escheatment?" Others began asking, "What are the ground… Read More
Q. (cont.) For Canadian located vendor payments issued from our Canadian operation are we required… Read More
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. Here are some of the… Read More

Q. (cont.) We now have located the payee and need to reissue the refund. AP wants a completely new

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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

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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… Read More

Given the length of time that's elapsed, I'd strongly recommend that you communicate directly with

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Voided checks with backup must be retained to meet the 7-10 year requirement, plus any additional

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Q. (con't.) Sometimes we get the letters back stating the checks were cashed and the date, but we

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