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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.
Q. If Company A issues a check that later gets reported to unclaimed property, does Company A need… Read More
Q. A vendor provided several services in 2021 to us, but never invoiced us. We have tried to… Read More
Q. We have instances where we are in contact with the payee of an uncashed check. The payee refuses… Read More
Q. We are currently evaluating our unclaimed property processes to review areas of opportunities in… Read More
Q. What is the best practice for U.S. companies handling unclaimed property with countries such as… Read More
Q. Is it okay to report abandoned property under the DBA of the owner of a property?
A.
(Answered… Read More
Q. We have quite a few vendors contacting us in the state of Massachusetts for one of our companies… Read More
Q. Currently we use an unclaimed property filing system to assist with compliance with unclaimed… Read More
Q. The priority rules state to use the last known address on file to escheat a credit balance.… Read More
Q. Are we required to keep due diligence envelopes that are returned by post office for bad… Read More
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