Accounts Payable

Unclaimed Property

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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.

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Escheatment of unclaimed Zelle funds

Q. When expired Zelle payments return to us (recipient did not accept the funds within the… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Escheatment regulations as they apply to local government checks

Q. I am trying to find out how the escheatment regulations apply to local governments. Currently,… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Responsibility for unclaimed property

Q. I am wondering what is common best practice out there when it comes to which group owns the… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Uncashed checks for Puerto Rican payees

Q. I have two uncashed checks for payees in Puerto Rico. What are the requirements? A. (Answered… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

State dormancy periods for escheatment

Q. California's dormancy period is three years; however, the funds we need to escheat belong to… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099 and unclaimed property reporting from multiple branches of a parent company

Q. I have been thinking about the current way we issue 1099s/unclaimed property and wanted to… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Outstanding check to be escheated to the state

Q. Hoping you can provide us with direction/ confirmation on an outstanding check that will soon… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Where do I begin with escheatment?

Q. I have been tasked with implementing an escheat process. I would love suggestions from the IOFM… Read More

Update: Delaware Secretary of State’s Voluntary Disclosure Program

TruePartners Consulting, unclaimed property specialists, has advised that the Delaware Secretary of State’s office recently posted an online statement that new rounds of invitations will go out to… Read More

Five Steps to Avoid the Risk of Unclaimed Property Noncompliance

Revenue-strapped states remain on high alert when it comes to enforcing unclaimed property escheatment laws, and will likely experience aggressive audits to compensate for continuing revenue… Read More

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