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Escheatment

Originally Published: August 2011


Don’t Let Lack of Knowledge Cost You: U/P Compliance for A/R

by Karen Anderson, Sr. Vice President – Compliance
Unclaimed Property Recovery and Reporting, LLC (UPRR)


In the difficult economic climate, state governments have intensified escheatment enforcement efforts costing some businesses millions of dollars in liability including non-compliance penalties. These enforcement efforts include increasing the number of audits, hiring more third-party auditors, expanding the types of transactions reviewed and scrutinizing annual reports for potential under-reporting. Accounts receivable items are often the target of review and scrutiny including returned merchandise credits, customer overpayments, unused refunds, and unapplied cash.

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