| Preface |
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xi | |
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Four Myths of Unclaimed Property |
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1 | (4) |
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``We Don't Have Unclaimed Property.'' |
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1 | (1) |
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``Unclaimed Property Compliance is Voluntary.'' |
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1 | (1) |
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``If I Don't Have Records, the Autitor Can't Determine Any Unclaimed Property Liability for My Company.'' |
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2 | (1) |
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``I Am Only Liable for Reporting Unclaimed Property to States Where I Conduct Business (i.e., Have Nexus).'' |
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3 | (2) |
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What Is Unclaimed Property? |
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5 | (10) |
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Purpose of the Unclaimed Property Laws |
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7 | (1) |
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8 | (1) |
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What Types of Property Can Become Abandoned Property? |
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9 | (1) |
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When Does an Item Become Unclaimed Property? |
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10 | (2) |
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12 | (1) |
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Holder's Responsibilities |
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12 | (2) |
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14 | (1) |
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Basics of Unclaimed Property Reporting |
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15 | (8) |
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Why You Must Report Your Unclaimed Property |
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15 | (1) |
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Determining Your Liability |
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16 | (2) |
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Where You May Have a Reporting Obligation: Jurisdiction |
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18 | (1) |
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Due Dates, Due Diligence, Aggregates, and Dormancy Periods |
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19 | (1) |
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20 | (2) |
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22 | (1) |
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Calculating Unclaimed Property Liability |
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23 | (14) |
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23 | (1) |
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Identify Your Company's Unclaimed Property Types |
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24 | (1) |
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Determining Your Liability |
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24 | (4) |
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You Do Not Have All of the Records for the Audit Period: Determining the Best Estimation Technique for Your Company |
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28 | (6) |
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34 | (1) |
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Complete the Final Summary Report and Pay the Money! |
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34 | (3) |
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Preparing for and Managing an Unclaimed Property Audit |
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37 | (22) |
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Audit Targets: Are You Next? |
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37 | (1) |
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Offense---Contact the States for a Voluntary Disclosure Agreement |
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38 | (3) |
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39 | (1) |
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40 | (1) |
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Defense---Your Company Has Received Notification of an Audit: Do Not Ignore the Letter! |
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41 | (8) |
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43 | (2) |
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45 | (1) |
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Know Your Enemy: Unclaimed Property Auditors |
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46 | (3) |
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49 | (6) |
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49 | (1) |
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50 | (1) |
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Site Vist and Records Analysis |
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51 | (1) |
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52 | (1) |
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53 | (1) |
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54 | (1) |
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55 | (1) |
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56 | (1) |
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57 | (2) |
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Developing Unclaimed Property Policies and Procedures |
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59 | (14) |
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Compliance Timelines: Due Diligence, Aggregates, and Dormancy Periods |
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64 | (6) |
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Content of Due Diligence Letters |
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65 | (1) |
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Timing of Due Diligence Mailings |
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66 | (1) |
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67 | (2) |
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69 | (1) |
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Record Retention Policies |
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70 | (1) |
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70 | (1) |
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Internal Controls: Checks and Balances |
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71 | (1) |
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71 | (1) |
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Handling a Desk Audit or Fishing Call from a State Auditor's Office |
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72 | (1) |
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72 | (1) |
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Exemptions and Exceptions to Unclaimed Property Reporting |
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73 | (20) |
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Business-to-Business Exemptions |
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74 | (4) |
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Current Business Relationship |
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78 | (2) |
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Gift Certificates/Gift Cards |
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80 | (5) |
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85 | (1) |
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86 | (3) |
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Customer Credits/Credit Balances |
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89 | (1) |
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Tangible Personal Property |
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89 | (2) |
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91 | (2) |
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Special Industry Considerations |
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93 | (18) |
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93 | (4) |
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94 | (2) |
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Demutualization of Shares |
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96 | (1) |
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97 | (2) |
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When Is an Account Considered Dormant? |
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97 | (1) |
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What Fees Can Be Imposed on Dormant Accounts? |
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98 | (1) |
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98 | (1) |
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Money Orders and Traveler's Checks |
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99 | (1) |
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99 | (4) |
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Not-for-Profit Medical Service Providers |
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103 | (1) |
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Oil, Gas, Utilities, and Energy |
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103 | (4) |
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Oil, Gas, Coal Mining, and Other Mineral Mining Industries |
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103 | (2) |
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105 | (1) |
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106 | (1) |
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107 | (1) |
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Customer Loyalty/Incentive Programs |
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107 | (1) |
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Gift Certificates/Gift Cards |
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107 | (1) |
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108 | (3) |
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Foreign Unclaimed Property Laws |
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111 | (18) |
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U.S. Laws on Foreign Escheat |
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112 | (3) |
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112 | (1) |
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113 | (2) |
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115 | (13) |
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115 | (3) |
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118 | (1) |
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119 | (5) |
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124 | (3) |
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127 | (1) |
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128 | (1) |
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Selected Legal Issues in Unclaimed Property Audits |
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129 | (10) |
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Lack of Nexus as an Audit Defense |
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129 | (1) |
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Dormancy Fees and Service Charges |
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130 | (1) |
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Expiration Dates and Other Contractual Limitation Periods |
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131 | (1) |
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Unclaimed Employee Benefits |
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132 | (1) |
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Unclaimed Property of Bankrupt Holders |
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133 | (1) |
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Mergers and Acquisitions: Successor Liability |
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134 | (1) |
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135 | (2) |
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137 | (2) |
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How Not to Be a Victim of Unclaimed Property Fraud |
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139 | (8) |
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140 | (3) |
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141 | (2) |
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Mitigating the Risk of Unclaimed Property Fraud |
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143 | (3) |
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146 | (1) |
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Trends in Unclaimed Property |
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147 | (8) |
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147 | (3) |
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150 | (3) |
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153 | (2) |
| Appendix A XYZ Corporation: Unclaimed Property Holder Questionnaire |
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155 | (4) |
| Appendix B Sample Policy and Procedure Manual |
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159 | (12) |
| Appendix C Sample Due Diligence Letter |
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171 | (2) |
| Appendix D State Unclaimed Property Office Contacts |
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173 | (12) |
| Appendix E Sample Audit Records Request |
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185 | (2) |
| Appendix F Summary of Current Gift Certificate Law |
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187 | (14) |
| Glossary |
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201 | (2) |
| Index |
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203 | |
