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In this issue
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Achieving Success
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After completing an accounting systems conversion, a client uncovered $2.5 million in customer credit balances outstanding for more than one year. Read More
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In The News
During the Republican National Convention in Tampa last month, Josiah Osibodu, Managing Partner of Consulting Services, was interviewed by Fox National News Channel along with two other bipartisan small business owners within the Tampa Bay area. Watch the interview
This month, Kathleen Moyer, Managing Partner of Compliance Services, will participate on a panel discussion during the Association of Insurance Compliance Professionals (AICP) Annual Conference in San Antonio, Texas, on September 30 to October 3, 2012. The topic of the panel discussion is "Unclaimed Property - Lessons Learned" and the panel will also consist of Michael J. Honeck, Wisconsin Office of the Commissioner of Insurance , and Ralph Spaulding, Principal at Hinman Straub PC. Read More
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Are You Over-reporting?
In your haste to meet the state filing deadlines (October 31 and November 1 for the Fall due dates), are you at risk of over-reporting? Sometimes the push to meet the state deadlines can be hectic. However, taking the time to conduct a final review before the reports are finalized can save your company money and time. Money because you have avoided remitting funds that are not unclaimed, and time saved from not having to recover the funds from the states, should the need arise in future.
A final review of your unclaimed property report should consist of the following:
- Review high dollar amounts. Although that high dollar item may be unclaimed, it’s still worth a second look.
- Confirm that all items with a positive response from the due diligence letters have been removed from the report. You should remove all pending payments to owners.
- Identify potential duplicate payments. A common duplicate payment would be the same amount to the same owner on the same date.
- Identify items that are due to your company (i.e. intercompany transactions). This sounds like a no brainer, but we can assure you that companies do report funds due to themselves. Include all subsidiaries and alternate spellings of your company’s name in your review.
- Determine if all applicable state exemptions or exclusions have been removed from the report. This would include business to business (B2B) exemptions.
- Determine if the “advertising cost” allowed by states have been applied. Some states allow holders to deduct an “advertising cost” from each record listed on the report.
Conducting a final review before reporting and remitting the funds to the state is always worth the effort.
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Press Release
Doctors Are Urged to Follow Due Diligence Process for Fiscal Clean Bill Of Health. States’ Unclaimed Property Laws May be Unhealthy for the Healthcare Industry. Read More
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You Win Some, You Lose Some
The accounting term “credit” typically connotes amounts due to or given to someone. In addition, it also represents individual items or sum of items entered on the right-hand side of a general ledger account. These “credits” on the balance sheet (or were on the balance sheet at some point) could result in unclaimed property or unclaimed credits. Read more.
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