Menu

KeepUP™ Blog

David Kidder

Recent Posts

8/29/18 9:11 AM

What Should a Company Do With Unclaimed Property?

How do holders know if they have unclaimed property?
  • Do you have any of these types of aged/old liabilities on your accounting records?
    • Payments due to vendors
    • Credits / Account balances owed to customers
    • Wages / Compensation due to employees
    • Other types of unreconciled/undischarged liabilities (insurance claims, dividend payments, etc.)

If you answered “yes” to any of these then you likely have unclaimed property to report. However, many businesses 1) write-off these liabilities or 2) just continue to carry them on their books, month-after-month.  These are not recommended practices because reporting unclaimed property is the law. Non-compliance puts an organization at risk for audit where fines and/or penalties can be imposed which may have a significant financial impact to your company.

[More]

Topics: Compliance, Due Diligence, Reporting, Best Practices

2/7/18 8:21 AM

Unclaimed Property Early Reporting

Those responsible for managing and reporting unclaimed property look at the various obligations sitting on their books and realize properties may not be due to be turned over to states for another year, 3 years, 5 years or, for some states and property types, another 7 years and cause them to think, “Wouldn’t it be nice if I could report properties early?”

 Some states do allow for early reporting of properties. In fact, the 2016 Revised Uniform Unclaimed Property Act not only addresses reporting property early, but, unlike previous uniform acts, the 2016 Revised Unclaimed Property Act stipulates that once reported and accepted by the state, the property is presumed abandoned and can be claimed by the rightful owner. Previous uniform acts stated abandonment was not presumed until after the relevant dormancy period had run even if the property was being held by the state.

The processes and stipulations for reporting properties early vary with each jurisdiction. Holders should be very diligent about researching statutes or engage with an unclaimed property professional firm before making the decision to report any property types early.

Benefits of Performing Early Reporting Activities:

[More]

Topics: Reporting, Best Practices