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Time to Plan for an Escheatment Audit
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With the July Fourth weekend behind us and Labor Day weekend nearly two months away,perhaps accounts payable departments need to find some way to pass the time. You can use this time to prepare for a potential escheatment audit!
This week's issue features a wealth of information to help make sure you're not caught off guard by an unclaimed property audit. With potential penalties and fees on the line, you can never be too careful. |
| Patrick Harbin – Editor
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Escheatment Audits |
State governments are becoming more and more aggressive about unclaimed property. For many organizations it's only a matter of time until they find themselves at the receiving end of an escheatment audit.
Although an escheatment audit could happen at any time, there are steps AP departments can take to prepare themselves for the inevitability. AP should know the four unclaimed property obligations that state governments impose on businesses:
- Record Review/Procedural Due Diligence
- Statutory Due Diligence
- Reporting and Remitting
- Record Retention/Funds Preservation
Fulfilling these obligations is the best way to ensure you survive an escheatment audit. Check out The Accounts Payable Network's Guide to Unclaimed Property for detailed descriptions of AP's escheatment responsibility and ways to prepare for an audit.
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| Maintaining Unclaimed Property Records |
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It's a wise idea to keep exhaustive records of unclaimed property in case you face an audit. With lookback periods much longer than standard audits, record retention is the key. Read the story on TAPC.
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Just for Fun! |
The phrase As American as Apple Pie has been thrown around a lot. However, everyone knows the true food of America is the hot dog. In fact, July is officially National Hot Dog Month!
Every Fourth of July, Nathan's Famous Hot Dog Eating Contest is held at Coney Island. Read The Business of Hot Dogs for some photos of this year's event and some interesting facts about hot dogs in America.
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