Unclaimed Property Liabilities
>> Thursday, January 15, 2009
What are your responsibilities regarding unclaimed property? -Uncashed payroll checks -Checks to vendors that are uncashed -Account receivable credit balances -Unused gift certificates Business Finance Magazine recently summarized the major points of a book by Tracey Reid, Unclaimed Property: A Reporting Process and Audit Survival Guide (Wiley and Sons, 2008). The book estimates that only 10% of US companies are compliant with various state laws. By some reports state auditors are going after businesses looking for unclaimed property as a source of revenues. How would your firm do in such a review? Can you say, "Fines and Penalties?"
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Scott lives in Maine and runs a successful consulting firm. He has worked with over 1,500 businesses in his 30 year career.
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