February 19, 2024 peaccadmin

Unclaimed Property Audit Triggers

Ever wonder what may trigger an unclaimed property audit examination?

Stay alert to the following audit triggers:

1) The company has never filed unclaimed property reports in the past.

2) The company is not reporting all required property types.

3) The company files back-to-back negative reports stating they have no property to report.

4) The company is not reporting like a similar company/competitor is.

5) The company has spikes and dips in their annual reports.

6) The company has been the the news recently.

7) The company has acquired or merged with another company.

8) The property owners have repeatedly contacted the State to claim funds.

9) The industry has randomly been selected for audit.

10) The company does not respond to an inquiry from a State.

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