Accounts Payable

Unclaimed Property

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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.

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Handling Aged Payroll Tax and Garnishment Checks: Reissuance, Escheatment, and Compliance Best Practices

Q. Many of our stale-dated checks are payroll-related payments for state or local taxes or… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

California Unclaimed Property Reporting Requirements for Local Governments: Cash and Outreach Procedures

Q. Our Code department was working with a homeless person, and property was confiscated. If cash is… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Handling Uncashed Donation Checks and Escheatment

Q. If we have a check for a donation that was never cashed, do we have to escheat… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Accounting Treatment for Escheated Checks: Is a Separate GL Account Required?

Q. Is there are accounting or IRS rule for the booking of the checks escheated? We have check… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Handling Uncashed Garnishment Checks: Who Is Entitled to the Funds?

Q. Back in January of 2019 a Garnishment was held out from one of the employees paychecks and a… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Can Unclaimed Property Payments Be Reissued via EFT Instead of Check?

Q. If we receive a response back from a due diligence letter that the person/company has determined… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Unclaimed Property Guidelines: Handling Credit Balances with Indirect Customers

Q. We have a customer that has an accounts receivable credit balance, which has come to one of our… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

New York Unclaimed Funds Publication Requirements

Q. Can you advise if we are required to put an ad in the newspaper in regards to unclaimed funds… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Outsourcing escheat functions

Q. I would like to know if other panelists within their job functions have outsourced escheat… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Escheatment process recommendations

Q. I am reaching out to inquire about the specific process and accounting procedures for… Read More

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