Your company may be used to managing complex accounting, finance and tax processes, so when you turn to managing compliance for abandoned and unclaimed property, you might think to yourself, “No problem.”
However, laws governing abandoned and unclaimed property add layers of complexity. State statutes are meticulous in their demands, vary widely by state and property type, and are continually changing. State administrators and third-party auditors aggressively enforce the laws through audits, penalties, interest on unreported unclaimed property and sometimes criminal lawsuits if they believe your organization has intentionally avoided escheatment.