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.

A best practice company will usually have AP and the tax department handle this by breaking up the

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Generally, yes. Unclaimed property includes unclaimed wages and accounts payable; credit balances,

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Accounts payable professionals would be wise to be aware that a new draft of the Uniform Unclaimed Property Act (UUPA) was approved in July. The revised UUPA (“RUUPA”) will now move on to the

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Unclaimed property regulations are very different from other business regulatory law in that there is no statute of limitations and there are lengthy record-retention requirements. Therefore, if your

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Yes, you should set up an escheat or unclaimed property (UP) account. When you have reached the

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