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Noel Hall, Jr., MSF, CPA
Pursuant to three U.S. Supreme Court cases, the Court articulated two bright-line rules for the proper reporting of abandoned and unclaimed property, which has pretty much stayed intact for decades.
In this example uncashed payroll checks are reported as follows:
1. the property would first be reported to the state of the owner's last known address as shown on the books and records of the holder (the company that issued the check).
2. If the name and complete mailing address sufficient for the delivery or mail is unknown, then the property must be reported to the state of legal domicile (state of formation or incorporation) of the holder.
After numerous rounds of litigation over the proper jurisdiction to report and remit abandoned and unclaimed propety, the Court attempted to make reporting requirements unambigous for companies faced with what is often viewed as a massive adminstrative burden. Feel free to contact me directly with any further questions.
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619 weeks ago
In this example uncashed payroll checks are reported as follows:
1. the property would first be reported to the state of the owner's last known address as shown on the books and records of the holder (the company that issued the check).
2. If the name and complete mailing address sufficient for the delivery or mail is unknown, then the property must be reported to the state of legal domicile (state of formation or incorporation) of the holder.
After numerous rounds of litigation over the proper jurisdiction to report and remit abandoned and unclaimed propety, the Court attempted to make reporting requirements unambigous for companies faced with what is often viewed as a massive adminstrative burden. Feel free to contact me directly with any further questions.