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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.
Many states have specific provisions relating to vendor payments, credit balances, credit memos and other B2B transactions. Unfortunately, they are far from uniform, and the state interpretations
… Read Moreby Karen Anderson Most state unclaimed property laws require that a business make a last attempt to contact the owner of funds, securities, or safe deposit box contents. This last attempt is called
… Read MoreStates are increasingly requiring that unclaimed property be reported through state website portals. "This trend is continuing as Texas recently adopted administrative rules (34 TAC 1.13.13.21)
… Read MoreContact, RPO, 120 days, last known address, boldface type . . . all of these terms are familiar to anybody wading through the state unclaimed property due diligence requirements as they work to achieve
… Read MoreReciprocity refers to the arrangements that some state unclaimed property departments have with other state unclaimed property departments, whereby the state of a business’ chief location or
… Read MoreAccording to the Unclaimed Property Professionals Organization (UPPO), "unclaimed property defines intangible or tangible property that has been abandoned or lost by its rightful owners for an extended
… Read MoreWith state budget deficits continuing to grow, unclaimed property compliance and related enforcement audits are on the rise and here to stay. Approximately 59 percent of the states control unclaimed
… Read MoreAccounts payable professionals need to be vigilant in their efforts to stay on top of the changes in escheatment laws and regulations. While unclaimed property (UP) laws are not tax laws, they have
… Read MoreThis piece covers unclaimed property reporting, remitting, and records retention requirements. Since unclaimed property reporting has become more complicated as many states move to electronic filing,
… Read MoreNovember 1 is the unclaimed property reporting date for many states, and it's almost upon us. This year, AP pros have their work cut out for them. Cash-strapped states, which return just one-third of
… Read MoreWhat are you waiting for?
