Many companies have their share of old outstanding checks cluttering their bank reconciliations, and contractors are by no means different. Reasons can range from field laborers not traveling to headquarters to pick up a final paycheck, to vendors not following up on lost checks. Regardless of the reason, stale checks should be monitored to avoid penalties associated with unclaimed property laws.
Given the many moving parts, it is understandable that many small to large contractors do not have a grasp of unclaimed property laws. What state does the contractor report in? What are the deadlines for filing? …read more
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