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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. I have been tasked with implementing an escheat process. I would love suggestions from the IOFM… Read More
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
Revenue-strapped states remain on high alert when it comes to enforcing unclaimed property escheatment laws, and will likely experience aggressive audits to compensate for continuing revenue… 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
Course type: Self-study | On-demand
Registration fee: $349 per learner
IOFM CEUs available: 3
Estimated learning hours: 3-4
Technology Requirements: Most updated version
… Read More
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
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
When Bankers Trust was fined $50 million for failing to escheat several years ago, corporate ears perked up. Many wondered, "What is escheatment?" Others began asking, "What are the ground… Read More
Unclaimed property laws vary by state and are continually evolving. If you are being audited, or are trying to proactively mitigate the risk of an unclaimed property audit, IOFM suggests contacting an
… Read MoreUnclaimed property responsibilities often fall on the Account Payable (AP) department’s shoulders because much of what must be escheated is generated by AP.
The escheated property often takes the… Read More
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