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Unclaimed Property: A Reporting Process and Audit Survival Guide
Author(s): Tracey L. Reid (Author)
- Publisher: Wiley
- Publication Date: 10 Oct. 2008
- Edition: 1st
- Language: English
- Print length: 224 pages
- ISBN-10: 0470278242
- ISBN-13: 9780470278246
Book Description
Editorial Reviews
Review
Review
―Mary Schaeffer, Publisher & Editorial Director, Accounts Payable Now & Tomorrow; Author Controller & CFO’s Guide to Accounts Payable + 15 other business books
“I've been in search of good resource material on abandoned property. This book presents the information without a lot of legal lingo in an organized and easily read format.”
―Marie Misterka, VP, Accounts Payable Manager, BNP Paribas RCC, Inc.
From the Inside Flap
A Reporting Process and Audit Survival Guide
Unclaimed property law enforcement has recently become the darling of politicians across the country looking for ways to increase their states' revenues without instituting new taxes that alienate their voters. In order to speed up the collection of unclaimed property, state laws are changing rapidly every year. While it can be almost impossible to understand the intricacies of all of the different state laws, it is possible to bring a company into compliance with the escheat laws it is subject to.
Providing the necessary tools for companies to be in compliance with state unclaimed property laws, Unclaimed Property: A Reporting Process and Audit Survival Guide presents the fundamentals of unclaimed property laws and explains how they affect a company's bottom line. Insightful and highly readable, this landmark guide breaks down the process into manageable steps for the escheat beginner and refreshes the seasoned professional, who has a system in place, with a check-up to find areas that need improvement. Thorough and practical in approach, this book expertly discusses:
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What an organization should do when notification is received of an audit
-
The myths of unclaimed property
-
Calculating unclaimed property liability
-
Why the auditor CAN determine unclaimed property liability for a company, even if no records exist
-
Preparing for and managing an unclaimed property audit
-
Developing unclaimed property policies and procedures
-
Legal issues in unclaimed property audits
-
Trends in unclaimed property
-
How not to be a victim of unclaimed property fraud
-
Knowing the enemy: types of unclaimed property auditors
Equipping readers with sample due diligence letters and a sample policy and procedures manual, Unclaimed Property: A Reporting Process and Audit Survival Guide is an authoritative guide filled with practical, immediately useful advice to handling unclaimed property audits, understanding the nature of escheat laws, and how they will affect a company's bottom line.
From the Back Cover
UNCLAIMED PROPERTY
A Reporting Process and Audit Survival Guide
Unclaimed property law enforcement has recently become the darling of politicians across the country looking for ways to increase their states' revenues without instituting new taxes that alienate their voters. In order to speed up the collection of unclaimed property, state laws are changing rapidly every year. While it can be almost impossible to understand the intricacies of all of the different state laws, it is possible to bring a company into compliance with the escheat laws it is subject to.
Providing the necessary tools for companies to be in compliance with state unclaimed property laws, Unclaimed Property: A Reporting Process and Audit Survival Guide presents the fundamentals of unclaimed property laws and explains how they affect a company's bottom line. Insightful and highly readable, this landmark guide breaks down the process into manageable steps for the escheat beginner and refreshes the seasoned professional, who has a system in place, with a check-up to find areas that need improvement. Thorough and practical in approach, this book expertly discusses:
- What an organization should do when notification is received of an audit
- The myths of unclaimed property
- Calculating unclaimed property liability
- Why the auditor CAN determine unclaimed property liability for a company, even if no records exist
- Preparing for and managing an unclaimed property audit
- Developing unclaimed property policies and procedures
- Legal issues in unclaimed property audits
- Trends in unclaimed property
- How not to be a victim of unclaimed property fraud
- Knowing the enemy: types of unclaimed property auditors
Equipping readers with sample due diligence letters and a sample policy and procedures manual, Unclaimed Property: A Reporting Process and Audit Survival Guide is an authoritative guide filled with practical, immediately useful advice to handling unclaimed property audits, understanding the nature of escheat laws, and how they will affect a company's bottom line.
About the Author
TRACEY L. REID, JD, LLM, is President of Reid Unclaimed Property Services LLC. Her company helps businesses of all sizes become compliant with state unclaimed property laws. Prior to forming her own company, she was a manager with a Big 4 accounting firm where she concentrated on unclaimed property.
