Details

Unclaimed Property

A Reporting Process and Audit Survival Guide
1. Aufl.

von: Tracey L. Reid
57,99 €
Verlag:	Wiley
Format:	EPUB
Veröffentl.:	04.02.2009
ISBN/EAN:	9780470440636
Sprache:	englisch
Anzahl Seiten:	224

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Beschreibungen

Titelbeschreibung

Unclaimed Property: A Reporting Process and Audit Survival Guide breaks the unclaimed property process down into manageable steps that you can either handle on your own or with the help of a professional in the field. Author Tracey Reid presents a thorough introduction to every aspect of unclaimed property laws, clarifying what unclaimed property is, how the escheat laws apply to your particular circumstance, and how you can bring your enterprise into compliance with the least amount of manpower and cash outlay possible.

Inhaltsverzeichnis

Preface xi Chapter 1 Four Myths of Unclaimed Property 1 Myth 1: “We Don’t Have Unclaimed Property.” 1 Myth 2: “Unclaimed Property Compliance is Voluntary.” 1 Myth 3: “If I Don’t Have Records, the Auditor Can’t Determine Any Unclaimed Property Liability for My Company.” 2 Myth 4: “I Am Only Liable for Reporting Unclaimed Property to States Where I Conduct Business (i.e., Have Nexus).” 3 Chapter 2 What is Unclaimed Property? 5 Purpose of the Unclaimed Property Laws 7 Terminology 8 What Types of Property Can Become Abandoned Property? 9 When Does an Item Become Unclaimed Property? 10 States’ Responsibilities 12 Holder’s Responsibilities 12 Notes 14 Chapter 3 Basics of Unclaimed Property Reporting 15 Why You Must Report Your Unclaimed Property 15 Determining Your Liability 16 Where You May Have a Reporting Obligation: Jurisdiction 18 Due Dates, Due Diligence, Aggregates, and Dormancy Periods 19 Preparing the Report 20 Note 22 Chapter 4 Calculating Unclaimed Property Liability 23 Gather Your Records 23 Identify Your Company’s Unclaimed Property Types 24 Determining Your Liability 24 You Do Not Have All of the Records for the Audit Period: Determining the Best Estimation Technique for Your Company 28 Do Your Due Diligence 34 Complete the Final Summary Report and Pay the Money! 34 Chapter 5 Preparing for and Managing an Unclaimed Property Audit 37 Audit Targets: Are You Next? 37 Offense—Contact the States for a Voluntary Disclosure Agreement 38 Beware the Gift Horse 39 Where to Start 40 Defense—Your Company Has Received Notification of an Audit: Do Not Ignore the Letter! 41 First Contact 43 Recruit Your Team 45 Know Your Enemy: Unclaimed Property Auditors 46 Audit Timeline 49 Records Requests 49 Opening Meeting 50 Site Visit and Records Analysis 51 Closing Meeting 52 Final Assessment 53 Appeal Process 54 Audit Best Practices 55 Post-Audit Cleanup 56 Notes 57 Chapter 6 Developing Unclaimed Property Policies and Procedures 59 Compliance Timelines: Due Diligence, Aggregates, and Dormancy Periods 64 Content of Due Diligence Letters 65 Timing of Due Diligence Mailings 66 Aggregates 67 Dormancy Periods 69 Record Retention Policies 70 Managing Your Exceptions and Exemptions 70 Internal Controls: Checks and Balances 71 Internal Audits 71 Handling a Desk Audit or Fishing Call from a State Auditor’s Office 72 Note 72 Chapter 7 Exemptions and Exceptions to Unclaimed Property Reporting 73 Business-to-Business Exemptions 74 Current Business Relationship 78 Gift Certificates/Gift Cards 80 Gift Card Corporations 85 Dormancy Fees 86 Customer Credits/Credit Balances 89 Tangible Personal Property 89 Notes 91 Chapter 8 Special Industry Considerations 93 Insurance 93 Offers to Settle 94 Demutualization of Shares 96 Banking 97 When is an Account Considered Dormant? 97 What Fees Can Be Imposed on Dormant Accounts? 98 Safe-Deposit Boxes 98 Money Orders and Traveler’s Checks 99 Health Care 99 Not-for-Profit Medical Service Providers 103 Oil, Gas, Utilities, and Energy 103 Oil, Gas, Coal Mining, and Other Mineral Mining Industries 103 Utilities 105 Utility Co-ops 106 Retail 107 Customer Loyalty/Incentive Programs 107 Gift Certificates/Gift Cards 107 Notes 108 Chapter 9 Foreign Unclaimed Property Laws 111 U.S. Laws on Foreign Escheat 112 Indian Reservations 112 U.S. Territories 113 Other Nations’ Laws 115 Canada 115 United Kingdom 118 Australia 119 New Zealand 124 Hong Kong 127 Notes 128 Chapter 10 Selected Legal Issues in Unclaimed Property Audits 129 Lack of Nexus as an Audit Defense 129 Dormancy Fees and Service Charges 130 Expiration Dates and Other Contractual Limitation Periods 131 Unclaimed Employee Benefits 132 Unclaimed Property of Bankrupt Holders 133 Mergers and Acquisitions: Successor Liability 134 Asset Acquisitions 135 Notes 137 Chapter 11 How Not to Be a Victim of Unclaimed Property Fraud 139 Psychology of Fraud 140 Types of Fraudsters 141 Mitigating the Risk of Unclaimed Property Fraud 143 Note 146 Chapter 12 Trends in Unclaimed Property 147 Legislative Trends 147 Non-Legislative Trends 150 Conclusion 153 Appendix A XYZ Corporation: Unclaimed Property Holder Questionnaire 155 Appendix B Sample Policy and Procedure Manual 159 Appendix C Sample Due Diligence Letter 171 Appendix D State Unclaimed Property Office Contacts 173 Appendix E Sample Audit Records Request 185 Appendix F Summary of Current Gift Certificate Law 187 Glossary 201 Index 203

Rezension

"The book demonstrates the need for complying with escheat laws, and can teach readers how to develop a compliance system, as well as how to survive a state audit." (Accounting Today, January 26th, 2009)

Autorenportrait

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.

Back cover copy

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: <ul> <li>What an organization should do when notification is received of an audit</li> <li>The myths of unclaimed property</li> <li>Calculating unclaimed property liability</li> <li>Why the auditor CAN determine unclaimed property liability for a company, even if no records exist</li> <li>Preparing for and managing an unclaimed property audit</li> <li>Developing unclaimed property policies and procedures</li> <li>Legal issues in unclaimed property audits</li> <li>Trends in unclaimed property</li> <li>How not to be a victim of unclaimed property fraud</li> <li>Knowing the enemy: types of unclaimed property auditors</li> </ul> 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.

Unpublished endorsement

Unclaimed Property: A Reporting Process and Audit Survival Guide should be in every business library. Written, by Tracey Reid, an unclaimed property expert, this book makes an almost unintelligible process, that of unclaimed property, understandable to the average business person. And as Reid explains, unclaimed property has become the darling to state legislators looking to balance their budgets. Whether your company has never filed and is wondering how to get started or, heaven forbid, the auditors are standing on your doorstep or you’ve been filing for years and want to make sure you are doing it correctly, this is one book you should not miss." —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.