Due diligence for escheatment

May 13, 2020

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Q. What is the best way to document your due diligence activities for escheatment? A. (From the IOFM Advisory Panel) ----- I cannot stress enough the need to, even for a day, bring in an escheatment consultant. The laws are really overwhelming. I’ve been through multiple state-audits and we’ve had to settle due to laws we were not aware of.For instance, you have to keep documentation back to the incorporating year of all previous companies that have been acquired by your company, if I recall…

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Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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