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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 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 MoreBy 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 can
… Read MoreBy: 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 MoreBy Karen Anderson Your company has received an audit notice and has undertaken the arduous task of preparing for an unclaimed property audit. First, you assembled an internal group which includes your
… Read MoreBy Karen Anderson The California Supreme Court has held that no due diligence means no immunity from lawsuits. In 2009, in the Azure Limited v. I-Flow case, the California Supreme upheld an appellate
… Read MoreBy: Karen Anderson As many businesses are now under unclaimed property audit due to increased enforcement efforts by states and their third party audit contractors, audit completion and corresponding
… Read Moreby Karen Anderson Many would agree that the most difficult unclaimed property requirement for businesses to fulfill is the obligation to perform due diligence. To comply with due diligence requirements
… Read MoreJohn Chiang California State Controller Notice to Holders Change in Guidelines for Paper Reporting December 2008 The purpose of this notice is to inform you that effective March 1, 2009, Paper Reports
… Read MoreCompanies holding unclaimed funds are required to escheat, or turn over, those funds to the state of the last known address of the payee. Due to inaccurate bookkeeping and oversight, many companies
… Read MoreWhat are you waiting for?
