Keane’s National Managing Director, Valerie Jundt, weighs in on unclaimed property compliance challenges to MarketWatch
If you’re a regular reader of the Keane blog, you know we frequently write about the challenges companies face when it comes to unclaimed property compliance – one of the reasons being that every state has its own rules depending upon the property type in question. But there are other reasons that add complexities as well, including the fact that there’s no statute of limitations in an unclaimed property audit. States can (and do) request records dating back 15 years or more in some cases. Depending on how many years of records a state requests a company to provide, fines and penalties can increase by three to eight times resulting in millions of dollars owed to the state.
Abandoned Property Compliance and MarketWatch
Valerie Jundt, the National Managing Director of our Global Advisory and Consulting Services group, talked to Tom Bemis at MarketWatch this week about the challenges of unclaimed property compliance. She says if you’re a public company, this should definitely one of the top things on your radar. The law that applies in any individual case is that the last known address of the property holder, not the state where the company is incorporated, is the state that needs to receive unclaimed property reports. The result is that companies need to understand the rules in any state where they have customers, employees, or suppliers.
Valerie advises that keeping well-honed policies and procedures in place is key. Click here to read the full article.
Go back to the Keane Unclaimed Property Corporate HOMEPAGE