Why Should A Business Be Concerned about Unclaimed Property (UP)?
States are increasing their enforcement of UP statutes. Any company that issues a large number of checks, maintains substantial ongoing credit balances or employs a transient workforce may have significant UP liabilities. Companies that offer gift cards or rebates have traditionally underestimated the extent of their UP liabilities and states are choosing audit targets based on such factors. States are profiling certain industries and issuing assessments that may be millions of dollars higher than a company's actual liability because of the lack of records or due to recordkeeping errors.
