Tom Luxsox Coins

Treasures State

Because not complying with, or just being partial compliant, can lead to complications with the Uniform Disposition of Unclaimed Property Act, here are some pointers on complying with abandoned property laws.

But, first, a simple definition. Abandoned property is considered by common law as "that to which the owner has voluntarily relinquished all right, title, claim and possession, with the intention of terminating his ownership, but without vesting ownership in any other person, and with the intention of not reclaiming any future rights therein."

In other words, abandoned property are items apparently given up by the owner who apparently have no intention to reclaim it.

A company may not be compliant with state unclaimed property laws if:

• It has not reported unclaimed property
• It does not report unclaimed property on a regular basis
• It reported some but not all of the required abandoned property types
• It has not performed state-required due diligence

Due to the need to increase state revenue, more audits are being conducted and at more rapid pace. Therefore, not complying (or not being in complete compliance) with the rules may just spark an audit.

Because some states pad on penalties or interest on top of the past dues, a non-compliant company can find itself having significant exposure.

What steps can a company do toward becoming compliant with abandoned property rules?

1. Thorough review. Examining the records is an important process that needs to be undertaken for determining potential liabilities. Then, measures for mitigating the potential liabilities can be planned.
2. Engage professional advice. There are consultants who are experts in state negotiation and unclaimed property audit defense, often successfully reducing companies liability significantly. They will coordinate with your company to gather abandoned property data and generate reports or analyze the data to determine the property's escheat status.
3. File for compliance reporting. Consultants can also help the company with reporting to the states, which may be performed using a multi-state reporting agent, where necessary, to create the appropriate reports and remittances.

For companies that have not goner through the motions of reporting unclaimed property in the past, a process known as Voluntary Initial Compliance can help avoid serious fines and penalties.

Paying attention to abandoned property issues is not just for penalty avoidance. If a company is seeking ways to increase cash flow, it can leverage unclaimed property reporting and, as a compliant firm, capitalize on cash being held in state unclaimed property offices.

Just as a company reports funds owed to other entities, such as vendors, business partners and affiliates, other firms can be reporting their property to the states as unclaimed.

Some experts in the field have asset recovery services to research and recover unclaimed funds on behalf of their clients. They use a range of tools and research teams and databases to help companies realize additional cash flow, which can be added directly to the bottom line.

Complying with abandoned property laws, therefore offers double-edged benefits by helping to avoid penalties and also to give a potential boost to cash flow.

Are you interested in complying with state escheatment laws or learning more about unclaimed property in general? KeaneCo has been helping businesses comply with state escheatment law and unclaimed property laws for over 30 years. Contact them today and get expert help with unclaimed property reporting, compliance, and audit prevention.

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