California Amnesty Update II – stayed tuned…..

California's Governor recently signed the Budget Act of 2019 (SB 109). Within the Act, there is a provision which requires the Controller to provide the Joint Legislative Budget Committee and the chairpersons of the fiscal committees in each house of the legislature with a report on plans to provide for

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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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Your Total Source for Unclaimed Property Compliance

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