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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. The priority rules state to use the last known address on file to escheat a credit balance.… Read More
Q. Are we required to keep due diligence envelopes that are returned by post office for bad… Read More
Q. An unclaimed check was issued in the name of a husband who has passed away. The wife is wanting… Read More
By Jim Sadik
Trends, Challenges, and Opportunities
People often ask me about the top trends I am seeing in unclaimed property in both accounts payable (AP) and accounts receivable (AR). In this… Read More
Q. I have a check that we issued a few years ago to a vendor in Canada but we paid in USD. What’s… Read More
Q. When funds have become unclaimed and owner has deceased, is a reissue able to be made out to the… Read More
Q. Are negotiable AP checks returned to a company considered outstanding? Should these checks be… Read More
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
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