What is Unclaimed Property? Well, the most common types are;
- Payroll Checks
- Refund Checks
- Utility Deposits
- Money Orders
And those are just some of the basics. Unclaimed property laws tell us that we have an obligation to preserve and protect the interest of the rightful owner and make sure it ends up in their hands. Remember, unclaimed property compliances are required under all state statutes no matter what you may have believed before.
If you are not in compliance with the unclaimed property laws you can fail your audit when the time comes. This can put a strain on your business and can hit you with some pretty heavy fines.
Finding out if you have unclaimed property is easy, with no cost you. All you have to do is search specific databases where your company has operated to find out if you have unclaimed property. You may also come to find that your company needs to file a claim. For example, if you moved your business and forgot to apply for a refund on one of your utility bills.
It is also your responsibility to make sure you don’t have any unclaimed property from former employees in accordance with the law or face the possibility of the penalties if you fail to do so.
If you have any questions about unclaimed property reporting, please contact us and we will do our best to help you out with any question you may have. There is a lot more to unclaimed property reporting that you may need to know. But these are the basics.