In this article, we discuss what unclaimed property is and new California updates that taxpayers should be aware of.
What Is Unclaimed Property?
Before we discuss the new unclaimed property updates in California, it is important to have a clear understanding of what unclaimed property is. All 50 states currently have unclaimed property (sometimes also referred to as escheat) legislation. Simply put, unclaimed property is when a company has an outstanding debt that has not been claimed by the rightful recipient. When this happens, the state will help recover it. This subsequently creates a huge hassle for the companies.
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