Raising revenue is increasingly taking primacy over reuniting owners with their property in states’ enforcement of unclaimed property laws.
Decision Striking Down Delaware’s Estimation Method for Auditing Unclaimed Property to Stand as Parties Settle
Delaware and the unclaimed property holder filed a joint motion to dismiss the case with prejudice, after reaching a settlement agreement.
Many states continue to turn to their abandoned and unclaimed property (AUP) laws to drum up additional funds.
States with B2B exemptions have determined that businesses are capable of ensuring that their property interests are secured and that taxpayer dollars should not be spent to protect them.
To reduce the odds of an unwelcome surprise in the form of a hefty abandoned or unclaimed property assessment, companies need to stay on top of the latest AUP issues, including court challenges and legislative developments.
Many states have now taken a variety of measures to promote compliance with unclaimed property laws, including increasing the number of audits, engaging third-party auditors, and offering voluntary disclosure programs.