Are you at risk for penalties related to unclaimed property? Unclaimed property refers to assets or accounts that have been dormant for a certain period of time. Holders of unclaimed property must either return it back to the rightful owner or turn it over to the state for safekeeping.
Types of unclaimed property include:
- Uncashed vendor and payroll checks
- Uncashed dividend or royalty checks
- Customer overpayments
- Gift certificates
- Credit vouchers
- Security deposits
States are becoming aggressive with audit efforts related to these items. Penalties can be significant because there is generally no limitation of a look-back period. An experienced professional can help you uncover unclaimed property and analyze the impact of state rules surrounding it.
We work with you to identify your liabilities, provide recommendations for strategic solutions and can assist you in compliance efforts. Our experienced team is here to help you work through unclaimed property issues with the least amount of headache.
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