Unclaimed Property Reporting

by Jeff Clark, Loredana C. Pfannenbecker, Cherish B. Simmons

One of the issues that many businesses - both large and small - frequently overlook is their compliance with state abandoned property laws. These laws require businesses to report and remit outstanding liabilities such as uncashed payroll and vendor checks, unclaimed dividends and securities, unredeemed gift certificates and unidentified remittances that have not been claimed by the owner within a specified period of time. The states are increasingly viewing their abandoned property laws as a revenue source, and their stepped-up audit activity has recently resulted in some large liabilities for businesses. It is more important than ever for business managers to understand their abandoned property compliance obligations so they can minimize the impact of abandoned property laws on their operations and financial results.

74 pages, Spiral-bound

Published January 1, 2006