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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.
Unclaimed property is a source of concern and a potential liability for companies. “Many companies are being audited, and a number of states use third-party auditors who are paid on a contingency fee
… Read More
State laws governing the reporting of unclaimed property are varied and complex, but in order to avoid penalties and interest, AP managers must ensure that outstanding items are properly identified and
… Read MoreBefore you can report and remit unclaimed property you must fulfill your due diligence requirement. That is, you must attempt to contact the owner of dormant property to give them a last opportunity to
… Read MoreToday, all 50 states, Guam, Puerto Rico, the Virgin Islands, and the Canadian provinces of Alberta, British Columbia, Ontario, and Quebec have unclaimed property laws on their books. Unclaimed property
… Read MoreUpdated October 2016 Disclaimer: This information provided for reference only. Keane updates this information for IOFM annually; while Keane makes every effort to ensure its accuracy, unclaimed
… Read MoreMost states designate a dollar amount below which only minimal detail information is required in your unclaimed property report. The reporting threshold varies from state to state, ranging from 10
… Read MoreMany states have specific provisions relating to vendor payments, credit balances, credit memos and other B2B transactions. Unfortunately, they are far from uniform, and the state interpretations
… Read Moreby Karen Anderson Most state unclaimed property laws require that a business make a last attempt to contact the owner of funds, securities, or safe deposit box contents. This last attempt is called
… Read MoreStates are increasingly requiring that unclaimed property be reported through state website portals. "This trend is continuing as Texas recently adopted administrative rules (34 TAC 1.13.13.21)
… Read MoreContact, RPO, 120 days, last known address, boldface type . . . all of these terms are familiar to anybody wading through the state unclaimed property due diligence requirements as they work to achieve
… Read MoreWhat are you waiting for?
