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10 Best Practices for Unclaimed Property Compliance

Tax Executive, 2019-07, Vol.71 (4), p.64-66

COPYRIGHT 2019 Tax Executives Institute, Inc. ;Copyright Tax Executives Institute, Inc. Jul/Aug 2019 ;ISSN: 0040-0025

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  • Title:
    10 Best Practices for Unclaimed Property Compliance
  • Author: Moloian, Michelle
  • Subjects: Accounting firms ; Audit risk ; Best practice ; Calendars ; Communication ; Compliance ; Due diligence ; Escheat laws ; Jurisdiction ; Laws, regulations and rules ; Management ; Real property taxes ; Reporting requirements ; Taxation ; Third party ; Unclaimed estates
  • Is Part Of: Tax Executive, 2019-07, Vol.71 (4), p.64-66
  • Description: Assign Responsibility for UP Compliance The vice president of tax, the CFO, the controller, internal legal counsel, and others often oversee high-level risk issues, disclosures, accruals, and compliance. [...]it is important to get their involvement in UP. Develop a Compliance Calendar Just like tax-filing calendars, a UP compliance timeline is critical for smooth, efficient flow of processes and should govern activities for all departments and individuals involved. Since UP has various reporting periods and different due diligence mailing timelines depending on the jurisdiction, a compliance calendar should capture all action steps and due dates for areas where there is a reporting responsibility. The period scoped under a typical UP audit may include property generated back ten years plus the state-determined dormancy period. [...]a UP audit can extend upward of thirteen to fifteen years, which is beyond the period for which most records are readily available.
  • Publisher: Washington: Tax Executives Institute, Inc
  • Language: English
  • Identifier: ISSN: 0040-0025
  • Source: AUTh Library subscriptions: ProQuest Central
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