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Unclaimed Property – What it is and how can it impact your business?

by | Jan 16, 2012 | PKF Texas - The Entrepreneur's Playbook®

Note: Running weekly in FromGregsHead.com, PKF Texas – Entrepreneur’s Playbook® is a continuing series of tips brought to you by Greg Price. These run Sunday evenings during the BusinessMakers Radio Show on KPRC 950AM.

PKF Texas: The Entrepreneur’s Playbook® – Unclaimed Property from The Businessmakers on Vimeo.

Greg: This is PKF Texas, the Entrepreneur’s Playbook. I’m Greg Price, Director of Consulting Solutions, and I’m here with Mark Scimemi, a tax director at PKF Texas. Mark, welcome back to the Playbook.

Mark: Greg, thanks for having me back.

Greg: So, Mark, I’ve heard people talk about unclaimed property, and I don’t think we’re talking about the lost and found box at my daughter’s school. So what is that?

Mark: Unclaimed property is property that the state collects from folks who are holding property for others. That’s kind of dense, so let me make it real simple. Let’s say you’re a business and you have an employee who doesn’t cash their last payroll check. After some period of time that business is supposed to send that payroll check into the state and then the state will hold it until that employee comes forward. And so that creates two sides to this equation; there’s the unclaimed property that a business is supposed to send in, but many businesses also have unclaimed property that’s at the state.

Greg: So, Mark, if someone wanted to find out if they had unclaimed property what would you advise them to do?

Mark: The states make this really simple; go to any search engine, type in the name of your state and then the words “unclaimed property,” and likely the very first hit is going to be that state’s search engine so that you can type in your name and see if you’ve got any unclaimed property.

Greg: That’s good insight to the unclaimed property issue. I’m glad you were here to share that with us today.

This has been another Thought Leader production, brought to you by PKF Texas, the Entrepreneur’s Playbook. Tune in next week for another chapter. And remember, if you have unclaimed property, make sure you’re checking your remittances and what also might be owed to you.

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