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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.
TruePartners Consulting, unclaimed property specialists, has advised that the Delaware Secretary of State’s office recently posted an online statement that new rounds of invitations will go out to… Read More
Q. One of our benefit providers issues checks to employees for various reasons. For their list of… Read More
Q. We are a bit behind on clearing some items that should be escheated and looking to reduce our… Read More
Q. We issued a check to a business in the amount of $7 back in 2018. However, the business… Read More
Q. We have hundreds of land holders that we make royalty payments to each quarter. Over the years,… Read More
Revenue-strapped states will be on high alert when it comes to enforcing unclaimed property (escheatment) laws in 2021, and will likely increase the use of aggressive audits to compensate for revenue… Read More
Q. Is there a website that lists all the states' dormancy periods, filing dates, etc? I need an… Read More
Q. Does your organization handle the escheatment process in house or outsourced? If you handle… Read More
Why should a company pay attention to the niche regulatory reporting mechanism known as the Delaware unclaimed property voluntary disclosure agreement (VDA)? More so than in any other state, Delaware,
… Read More Q. Hello, we recently started exploring virtual payments and were curious on what to do if a… Read More
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