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?"
-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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