Small business

Unclaimed Property? Obscure Law Could Expose Your Business to an Audit

Small-business compliance with unclaimed property laws, known as escheat laws, isn’t usually at the top of the list of most owners’ concerns. But failing to address unclaimed property can lead to audits, interest and penalties. When a customer leaves a deposit and never returns, or you issue a refund to clients via check that they never cash, you can’t just keep the money.

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