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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 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
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By Karen Anderson and Carla McGlynn -
Huh? ...You may be at the "huh" stage right now... You have been asked to review and/or take responsibility for your company's unclaimed property compliance and… Read More
By Karen Anderson and Robert Griffin -
Those charged with the responsibility for their company's unclaimed property compliance are usually eager to consider methods for reducing gross liability… Read More
By 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 More By 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… Read More
By Karen Anderson -
While retaining records would seem the least significant of a business' obligations under state unclaimed property laws, it can be extremely important in minimizing risk and… Read More
By Karen Anderson -
Complying with state unclaimed property requirements can seem overwhelming considering that no two state laws are exactly alike and that due diligence and reporting specifications… Read More
By: Karen Anderson As the nation suffers from economic woes, state budgets suffer as well. Slow economic times mean less tax revenue for state budgets, leaving state governments to find other means to
… Read MoreBy Karen Anderson
The current economic situation has left many states' finances in poor condition. One way that states are augmenting their revenues is by stepping up the number of unclaimed property… Read More
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