Estimating Unclaimed Property Liability: The Wild West of Accounting

Complying with state abandoned and unclaimed property (AUP) reporting requirements has become a significant issue for many business organizations during the past 10 years. A handful of states have turned to their AUP statutes to generate growing amounts of revenue, sometimes catching companies off guard by imposing substantial assessments, which in some cases date back three decades. Delaware, the state of incorporation for thousands of U.S. companies, has been particularly aggressive in its pursuit of AUP assessments. Originally published in the November-December issue of The Tax Executive