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.

Q. What is the best way to document your due diligence activities for escheatment? A. (From the… Read More
Q. What are the rules regarding multiple filings under the same tax ID number for unclaimed… Read More

Course type: Self-study | On-demand

Registration fee: $295 per learner

IOFM CEUs available: 3

Estimated learning hours: 3-4

Technology Requirements: Most updated version

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A smaller firm doing business with a few vendors in a few states can get a fairly good handle on the unclaimed property laws with which it must comply. However, for large companies, escheatment brings… Read More
Q. What is the best practice for abandoned property? Where in the business does the abandoned… Read More
Q. We are going through our outstanding checks and it was determined one of the checks is made out… Read More
Q. What are some best practices for handling unclaimed property name change inquiries? A. (Answered… 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. I was wondering if there is any information on electronic payment returns (ACH / wires). If so,… Read More
Q. I need to get a process down for our escheatment. What is best practice for AP/Accounting? Do… Read More

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