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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.
If your company has a checking account, then your company likely holds unclaimed property. All companies, no matter how large or small, hold funds (that belong to others) in a variety of forms. Types
… Read MoreIn the field of unclaimed property, the longstanding presumption used to be that “as long as you pay, you’ll be alright.” In truth, however, enforcement activity in recent years has smashed this
… Read More
The term "unclaimed property" has been in the news a great deal lately. National and local media have featured people who have reclaimed hundreds of thousands of dollars in unclaimed property from… Read More
What would you do if you received an audit notice today from a state treasurer or a third party auditor on behalf of a state? There is no doubt that you must respond. Pursuant to unclaimed property
… Read More
By Karen Anderson, Senior Compliance AdvisorAbandoned Property Services, LLC -
Accounts payable professionals are increasingly being asked to implement new procedures and safeguards for ensuring that… Read More
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