Escheatment process

July 31, 2019

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Q. I need to get a process down for our escheatment. What is best practice for AP/Accounting? Do we void the outstanding check long before we are ready to escheat the funds, or is it best to wait until the due diligence letters are completed and we are getting ready to send the unclaimed funds to the state? A. (Answered by True Partners Consulting LLC, a 3rd party, independent advisory services firm offering experienced and practical help for unclaimed property and sales and use tax compliance.…

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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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