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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.
By Karen Anderson As a regulatory responsibility, escheat requirements are an anomaly in the fabric of business regulation. The nuances and grey areas are time consuming and burdensome for businesses
… Read More"Dealing with escheatment (unclaimed property) often falls upon AP's shoulders because much of what must be escheated was generated in AP," says Karen L. Anderson, J.D., Vice President, Reporting
… Read MoreIf you have unclaimed property to report in Texas, your 2013 reporting deadline will be sooner than you think. Starting Jan. 1, 2013, holders must report and remit unclaimed property to the Texas
… Read MoreFuture Liability Prevention: Policies and Procedures By Karen Anderson and Marcella Easly, Abandoned Property Services, LLC The first article of this series discussed winning corporate buy-in to the
… Read MoreBy Karen Anderson By now, most accounts payable professionals know that uncashed checks have the potential to become unclaimed property. They also know that the applicable state unclaimed property law
… Read MorePart I: The Beginning: Education, Buy-In and Internal Assessment By Karen Anderson and Carla McGlynn, Abandoned Property Services, LLC Huh? ...You may be at the "huh" stage right now... You have been
… Read MoreBy Karen Anderson While wading through the myriad of state unclaimed property laws and regulations, one will inevitably discover that there are some exemptions to state requirements. The exemptions are
… Read MoreBy Karen Anderson As most accounts payable professionals know, generally when checks are uncashed and outstanding for a state-specified period of time, they must be reported and remitted to the payee's
… Read MoreBy Karen Anderson The complexity of the differing state laws, regulations, forms and formats pertaining to annual unclaimed property compliance cause many practitioners to seek methods for simplifying
… Read MoreWhat are you waiting for?
