Unclaimed Property: Why Your Company Can't Afford NOT to Be in Compliance
1 hour 40 minutes
It is critical to your company’s financial well-being to avoid the risks of not complying with unclaimed property reporting laws.
Most organizations have the potential to generate unclaimed property in various aspects of their everyday operations. It could be something as simple as an employee that doesn’t cash a payroll check or more complex issues involving IRA accounts with an owner that’s non-responsive. Navigating state escheat law(s) can be a challenge, and with penalties and interest assessed for noncompliance, this compliance concern can no longer be on the back burner. This topic will help the persons responsible for unclaimed property compliance understand how to accurately comply with state law. The material also explains the consequences for noncompliance as well as ways to start reporting if your organization has never filed before. Failing to have a proper compliance program is becoming a great risk for many organizations as states are increasing audit activity. This information also covers a topic that many organizations ignore which is asset recovery. Learn some of the tips of the trade to help recover money for yourself and your organization.
• You will be able to discuss unclaimed property compliance requirements with your organization.
• You will be able to explain when to report, why you should report, and also how to report in the various jurisdictions.
• You will be able to identify the property types that are required to be reported and remitted to the states as unclaimed property.
• You will be able to review your current compliance posture and any compliance gaps that are present in your organization.