What Constitutes Intangible Unclaimed Property Reportable Under the Law?

Generally intangible personal property for which there has been no owner generated activity for a specified period of time called “dormancy period” or "holding period", is considered dormant or unclaimed. Examples of intangible unclaimed property include: -Uncashed payroll or commission checks -Uncashed accounts payable/vendor checks -Accounts receivable credit balances -Gift

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Unclaimed Property Fines & Penalties for Non-Compliance

A Holder (Company) can be assessed Fines and/or Interest Penalties for Not Complying with State Unclaimed Property Laws. 1) Failure to Report and Remit Unclaimed Property. 2) Failure to Comply with the Entire State Unclaimed Property Statute. - Interest penalty generally assessed at 10%–25% of property value - Civil/Criminal penalties

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Where Do I Report My Unclaimed Property?

STATE PRIORITY RULES FOR REPORTING UNCLAIMED PROPERTY - In 1965, The United States Supreme Court, in Texas v. New Jersey, established these unclaimed property State priority reporting rules: 1) Unclaimed intangible property is required to be reported to the State of the property Owner's last known address as reflected on

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