March 2024: Managing Unclaimed Property

Here at IOFM, we sometimes get questions from members who are confused about their unclaimed property obligations. It’s understandable: The escheatment regulations often change as states look to benefit from long-outstanding unclaimed property. And in some situations, it’s not a clearcut matter whether something should even be considered unclaimed property. 

This month, we share some resources that will assist you in managing your UP obligations. 

This Month’s Quick Take: 

Why Unclaimed Property Matters 

Most Fortune 500 companies have undergone unclaimed property audits, but every business has the potential to be in possession of some level of unclaimed property (UP). (Think uncashed checks, open credit balances, etc.) That’s complicated by the fact that reporting requirements differ by state, as do property exemptions and reporting due dates. 

To learn more about UP and best practices for managing it, take the IOFM Unclaimed Property Master Class, available online.

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Getting Started

Compliance with unclaimed property laws is essential — states are getting more aggressive with UP because it’s a source of revenue for them. However, if you’re unfamiliar with the concept and all its complexities, here’s a place to start.

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UP Searching

A member using the online resource MissingMoney to search for unclaimed property questions why the unclaimed funds owed the company aren’t showing up there, and wonders if there’s another way to access the information.

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FREE WEBINAR: Unclaimed Property – Compliance Updates

Companies in many industries have long been the targets of involuntary multi-state unclaimed property audits. Join IOFM and Jim Sadik on March 25th for an insightful discussion where we’ll review how enforcement and compliance tactics continue to evolve across the unclaimed property landscape.

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Staying Compliant

The best way to manage an unclaimed property audit is to avoid one in the first place. Understanding your obligations and managing your potential liability is key. Here, we offer five tips for avoiding fines and penalties due to noncompliance.

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MEMBER WEBINAR: Paying Non-Resident Alien Individuals for Services: Tax Withholding and IRS Reporting

Is your organization accurately withholding and reporting income tax for payments to nonresident aliens? Join IOFM and Cokala on March 21st to learn how to correctly identify nonresident alien individuals who’ll be reportable to the IRS on Form 1042-S and withhold U.S. federal income tax when required.

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