Most businesses are subject to "escheat" laws. This means they must report and remit unclaimed property to state authorities. Unclaimed property covers a broad spectrum of assets including payroll checks, customer credit balances, dividend and interest checks, and in some states, gift certificates.
However, unclaimed property laws are complex and often misunderstood by those affected. As a result, businesses do not comply with reporting requirements or do so in a way that creates exposure. The risks to businesses are growing due to aggressive state enforcement efforts, the use of contract auditors or "bounty hunters," and extended statutes of limitation for audits.
Virchow Krause specialists will help you manage your unclaimed property exposure, establish proper reporting procedures, and explore "escheat" planning techniques.
