By: SC&H Group
Editor’s Note: This content was originally published on May 19, 2014. It has been ungated and republished due to popular demand.
Unclaimed Property remains one of the least understood corporate liabilities, costing companies across the U.S. hundreds of millions of dollars each year in remittances and related penalties and interest. While not a tax, corporations are legally required to report and remit Unclaimed Property to states on an annual basis. Any debt or other financial obligation that remains outstanding beyond a statutorily defined period of time must be reported as Unclaimed Property to the state of the payee’s last known address per the company’s records. Companies can potentially have Unclaimed Property obligations in as many as 54 jurisdictions, which include all states, the District of Columbia, Puerto Rico, Guam and the U.S. Virgin Islands. This white paper discusses different types of unclaimed property and offers suggestions for how to regain management control of unclaimed property to avoid extra cost to companies.SCH-Reclaiming-Mgmt-Ctrl-UP-whitepaper