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) -
Unclaimed Property – What’s All The Fuss About? Visit PEACC.com
Today unclaimed property consists of intangible property, such as dormant bank accounts, uncashed checks, unreturned deposits and credit balances. Unclaimed property normally falls under two separate categories, either general ledger property types, or securities related property.