While unclaimed property laws have been on the books in all states for many years, only in the past decade have those laws really been enforced against businesses outside of the banking industry. Providing the tools for companies to be in compliance with state unclaimed property—also called abandoned property—laws this timely book provides invaluable guidance in such areas as preparing for unclaimed property audits and Voluntary Compliance plans and includes a sample policies and procedures manual. Controllers, Treasury professionals, payroll managers, accounts receivable managers, and accounts payable managers willlearn the fundamentals of unclaimed property laws and how they affect a company's bottom line. INDICE: Preface. Chapter 1. Four Myths Of Unclaimed Property. MYTH 1: We dont have Unclaimed Property. MYTH 2: Unclaimed Property Compliance Is Voluntary. MYTH 3: If I Don't Have Records, The Auditor Can't Determine Any Unclaimed Property liability for my company. MYTH 4: I am Only Liable For Reporting Unclaimed Property to States Where I Conduct Business (i.e., Have Nexus). Chapter 2. What Is Unclaimed Property? Purpose of the Unclaimed Property Laws. Terminology. What Types of Property Can Become Abandoned Property? When Does An Item Become Unclaimed Property? States' Responsibilities. Holder's Responsibilities. Chapter 3. Basics Of Unclaimed Property Reporting. Why You Must Report Your Unclaimed Property. Determining Your Liability. Where You May Have A ReportingObligation: Jurisdiction. Due Dates, Due Diligence, Aggregates, and Dormancy Periods. Preparing the Report. Chapter 4. Calculating Unclaimed Property Liability. Gather your Records. Identify Your Company's Unclaimed Property Types. Determining Your Liability. You do not Have all of the Records for the Audit Period: Determining the best Estimation Technique for your company. Do your due diligence. Complete the Final Summary Report and Pay the Money! Chapter 5. Preparing for and Managing an Unclaimed Property Audit. Audit Targets: Are you NEXT? Offense: Contact the States for a Voluntary Disclosure Agreement. Beware the Gift Horse. Where to start. Defense--Your Company Has Received Notificationof an audit: DO NOT IGNORE THE LETTER! First Contact. Recruit Your Team. KnowYour Enemy: Types of Unclaimed Property Auditors. Audit Timeline. Document Requests. Opening Meeting. Site Visit and Records Analysis. Closing Meeting. Final Assessment. Appeal process. Audit Best Practices. Post Audit Clean-up. Chapter 6. Developing Unclaimed Property Policies and Procedures. Compliance Time Lines: Due Diligence, Aggregates and Dormancy Periods. Content of Due Diligence Letters. Timing of Due Diligence Mailings. Aggregates. Dormancy Periods. Record Retention Policies. Managing your Exceptions and Exemptions. Internal Controls: Checks and Balances. Internal Audits. Handling a desk audit or fishing call from a state auditor's office. Note. Chapter 7. Exemptions and Exceptions to Unclaimed Property Reporting. Business to Business Exemptions. Current Business Relationship. Gift Certificates/Gift Cards. Gift Card Corporations. Dormancy Fees. Customer Credits/Credit Balances. Tangible Personal Property. Notes.Chapter 8. Special Industry Considerations. Insurance Companies. Banking. Healthcare. Oil, Gas, Utilities, and Energy. Retail. Chapter 9. Foreign UnclaimedProperty Laws. U.S. Laws on Foreign Escheat. Other Nation's Laws. Chapter 10 Selected Legal Issues in Unclaimed Property Audits. Lack of Nexus as an audit defense. Dormancy Fees and Service Charges. Expiration Dates and other contractual limitation periods. Unclaimed Employee Benefits. Unclaimed Property of Bankrupt Holders. Mergers and Acquisitions: successor liability. Asset Acquisitions. Notes. Chapter 11. How NOT to Be a Victim of Unclaimed Property Fraud. Psychology of Fraud. Mitigating the Risk of Unclaimed Property Fraud. Notes Chapter 12. Trends in Unclaimed Property. Legislative Trends. Non-Legislative Trends. Conclusion. Appendix A. XYZ Corporation: Unclaimed Property Holder Questionnaire. Appendix B. Unclaimed Property Dormancy Matrix. Appendix C. Sample Policy And Procedure Manual. Appendix D. Sample Due Diligence Letter. Appendix E.State Unclaimed Property Office Contacts. Appendix F. Sample Audit Records Request. Appendix G. Summary Of Current Gift Certificate Law. Glossary. Index.
- ISBN: 978-0-470-27824-6
- Editorial: John Wiley & Sons
- Encuadernacion: Cartoné
- Páginas: 212
- Fecha Publicación: 01/10/2008
- Nº Volúmenes: 1
- Idioma: Inglés