Call NDB today at 404-483-8485 to discuss your organization’s needs for unclaimed property audits for Georgia. As a nationally recognized IR CPA firm specializing in compliance and audit services, the unclaimed property audit experts for Georgia businesses at NDB can assist you in many ways.
Under the Georgia Unclaimed Property Act, when someone is a holder of property, for which that actual property belongs to somebody else (owner), but contact has been lost or severed with such owner for a specific period, that applicable property must be remitted to the state of Georgia. In essence, the state now serves at the chief custodian, thus allowing the owners an opportunity to lay claim to such property. For an ounce of clarity, just remember that when property is not in the hands of the rightful owner and it has not been abandoned, then it may be considered as Unclaimed Property. The most common types of Unclaimed Property for which the relevant laws apply are the financial assets, not real or personal property.
NDB Accountants | Unclaimed Property Audits Georgia | Auditors, Consultants | 404-483-8485
As for the state of Georgia, anyone holding abandoned property is required by law to remit to the state once it exceeds the actual “holding” period. For Georgia, the “holding” period for many common unclaimed property goods is the following:
- Wages: One (1) year from payday.
- Business proceeds: One (1) year from sell date.
- Safety deposit boxes: Two (2) years from drilling date.
- Money Orders: Seven (7) years from issue date.
- Traveler’s checks: Fifteen (15) years from issue date.
- All other property: Five (5) years from last known contact.
Thus, these assets generally include funds related to lost paychecks, forgotten bank accounts, credit amounts from trade accounts, life insurance premium payouts, etc. It’s a laundry list indeed, and state coffers are piling up with billions of dollars.
NDB Accountants | Georgia Unclaimed Property Audit Experts | Call 404-483-8485 Today
So how does this impact Georgia businesses, you might be asking? Simple - state authorities in Georgia have the ability to effectively audit companies in determining their compliance with applicable unclaimed property laws, thus if an unclaimed property audit reveals improperly held or abandoned assets, states can seize the property – or worse - impose heavy costs, fines, and interest against the offending entity. NDB’s unclaimed property audits for Georgia businesses is a proactive solution – one that helps unearth any non-compliance issues, while also assisting with proper remittance to the state of Georgia in hopes of no fines.
NDB Accountants | Unclaimed Property Audit and Consultants for Georgia Businesses
Be proactive, not reactive when it comes to dealing with unclaimed property for which your organization may be unknowingly holding well after the state of Georgia mandated “holding” period has expired. NDB can help answer your questions regarding unclaimed property and also perform a customized compliance audit for gaining a greater understanding of where you stand with this ever-growing issue. States are on the hunt for revenue due to tough economic times – Georgia being no different – so call the Georgia unclaimed property audit experts today.
Author: Charles Denyer