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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.
By Karen Anderson Your company has received an audit notice and has undertaken the arduous task of preparing for an unclaimed property audit. First, you assembled an internal group which includes your
… Read MoreBy Karen Anderson The California Supreme Court has held that no due diligence means no immunity from lawsuits. In 2009, in the Azure Limited v. I-Flow case, the California Supreme upheld an appellate
… Read MoreBy: Karen Anderson As many businesses are now under unclaimed property audit due to increased enforcement efforts by states and their third party audit contractors, audit completion and corresponding
… Read Moreby Karen Anderson Many would agree that the most difficult unclaimed property requirement for businesses to fulfill is the obligation to perform due diligence. To comply with due diligence requirements
… Read MoreJohn Chiang California State Controller Notice to Holders Change in Guidelines for Paper Reporting December 2008 The purpose of this notice is to inform you that effective March 1, 2009, Paper Reports
… Read MoreCompanies holding unclaimed funds are required to escheat, or turn over, those funds to the state of the last known address of the payee. Due to inaccurate bookkeeping and oversight, many companies
… Read MoreCompanies holding unclaimed gift certificates are required to turn over, or “escheat,” funds representing the value of those unclaimed gift certificates to the state of the last known address of
… Read MoreA company that has never reported or remitted unclaimed property has a substantial task ahead. Heightened enforcement, expanded audit staffs, and the proliferation of third party ‘bounty hunter’
… Read MoreThe proper processing of unclaimed property can be costly to say the least. The law allows the holders of unclaimed property to deduct service charges from the funds under certain specific conditions,
… Read MoreIf your company has a checking account, then your company likely holds unclaimed property. All companies, no matter how large or small, hold funds (that belong to others) in a variety of forms. Types
… Read MoreWhat are you waiting for?
