unclaimed property laws

Misunderstandings About Unclaimed Property

June 22, 2016 by rapid! PayCard

Heather Steffans, VP of Strategic Compliance Solutions with unclaimed property specialists MarketSphere, penned an informative piece for the American Payroll Association about the misinterpretations regarding unclaimed property. The primary caveat being that “the biggest reason companies fail to report unclaimed property correctly is that legislation is different in all 54 jurisdictions and the laws change frequently”. Common Misconceptions Only large companies are being audited for noncompliance. Because auditors are paid on a contingency basis and much of the income potential of large companies has been sapped, smaller companies have become the new prime target. An uncashed check becomes income. The standard protocol in cases like these may be to simply… Read More

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