States are ramping up their enforcement of unclaimed property laws to generate revenue and ignorance is no longer an acceptable excuse to get out of penalties imposed at $100 per day for failure to escheat unclaimed property.
Businesses of all types and sizes are responsible for reporting property on their books owed to individuals (e.g., uncashed paychecks) or other businesses. And even though every state has its own requirements, deadlines and penalties, many companies are unaware of them and the amnesty programs that could help bring them into compliance.
Listen to our unclaimed property professionals to learn about the latest legislative trends as well as how to manage the impact of state unclaimed property requirements on your organization.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.