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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.
Reciprocity refers to the arrangements that some state unclaimed property departments have with other state unclaimed property departments, whereby the state of a business’ chief location or
… Read MoreAccording to the Unclaimed Property Professionals Organization (UPPO), "unclaimed property defines intangible or tangible property that has been abandoned or lost by its rightful owners for an extended
… Read MoreWith state budget deficits continuing to grow, unclaimed property compliance and related enforcement audits are on the rise and here to stay. Approximately 59 percent of the states control unclaimed
… Read MoreAccounts payable professionals need to be vigilant in their efforts to stay on top of the changes in escheatment laws and regulations. While unclaimed property (UP) laws are not tax laws, they have
… Read MoreThis piece covers unclaimed property reporting, remitting, and records retention requirements. Since unclaimed property reporting has become more complicated as many states move to electronic filing,
… Read MoreNovember 1 is the unclaimed property reporting date for many states, and it's almost upon us. This year, AP pros have their work cut out for them. Cash-strapped states, which return just one-third of
… Read MoreBy Karen Anderson As a regulatory responsibility, escheat requirements are an anomaly in the fabric of business regulation. The nuances and grey areas are time consuming and burdensome for businesses
… Read More"Dealing with escheatment (unclaimed property) often falls upon AP's shoulders because much of what must be escheated was generated in AP," says Karen L. Anderson, J.D., Vice President, Reporting
… Read MoreIf you have unclaimed property to report in Texas, your 2013 reporting deadline will be sooner than you think. Starting Jan. 1, 2013, holders must report and remit unclaimed property to the Texas
… Read MoreFuture Liability Prevention: Policies and Procedures By Karen Anderson and Marcella Easly, Abandoned Property Services, LLC The first article of this series discussed winning corporate buy-in to the
… Read MoreWhat are you waiting for?
