Unclaimed Property: Dissecting Due Diligence
Unclaimed Property Due Diligence: A Practical Guide for Holders You’ve finally organized your outstanding checks and ensured you aren't remitting a penny more than necessary to stay compliant. But right as you run a final check on your data, you hit state due diligence mandates. What exactly is unclaimed property
Intangible Unclaimed Property Reporting Laws
All States have intangible unclaimed property reporting laws along with DC, Guam, Puerto Rico and the Virgin Islands. Canada also has robust unclaimed property reporting requirements. But, in this case, we’re talking only of the U S. reporting requirements and not Canada.
Four Phases of the Unclaimed Property Audit Process
The Four Phases of the Unclaimed Property Audit Process include: Entity & property types scoping (Phase 1) - Public information review/10k - Tax Return review - Analysis of general ledgers & Review of all legal entities Quantification of Any Potential Unclaimed Property (Phase 2) -