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The Business Case For Taking Unclaimed Property Compliance Seriously

  Early Attention May Improve the Bottom Line Posts emphasizing the need for companies to take unclaimed property laws seriously are increasingly common. Most of these articles, however, focus on the potential ills arising from lax unclaimed property law compliance. And justifiably so. The potential downsides are significant:  disruptive audits, excessive estimated liability assessments, and harsh statutory penalties. But there is a more optimistic rationale as well. Determining the causes of unclaimed property and taking steps to avoid or promptly rectify those issues be good for business.   Fundamentally, the appearance of unclaimed property on a company’s balance sheet means that something went wrong—a customer lost, a liability not discharged, a transaction unreconciled. A few years of dormancy later, the holder is left with unclaimed property to be reported and remitted to the state. But what if the holder doesn’t wait until the last minute to analyze potential uncla

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