Failure to file or remit unclaimed property can leave your business vulnerable to steep penalties and interest charges—potentially in excess of 30% and 18%, respectively.
Unfortunately, variations in state laws can make it difficult to determine if, when, and where property is reportable.
Avoid draining precious time and resources scrutinizing determinations and maintain compliance for your unclaimed property reports—for first-time filings or subsequent annual submissions—with guidance from our professionals.
Unclaimed Property Definitions and Risks
Unclaimed or abandoned property can generally be defined as an obligation or debt owed by a company to another company or individual that remains outstanding for a defined period under state law.
Every state has its own unclaimed property reporting and remitting rules and requirements.
The most common forms of unclaimed property include, but aren’t limited to:
- Vendor payments
- Stocks and dividends
- Gift cards
Businesses and organizations that can be especially prone to unclaimed property conflicts include those in the following industries:
- Health care
- Financial services and banks
- Government services
How to Reduce Penalties and Interests
Confidently navigate your compliance process and avoid penalties and interest with help from our professionals.
Our team can help guide you through the following compliance steps.