Knowledge Center

Friday, January 29, 2016

Illinois Unclaimed Property Reporting

January 29th 1:00 - 2:40 pm EST

Gain a better understanding of the Illinois unclaimed property laws and reporting requirements and keep your company compliant.

Many companies who are holders of unclaimed property often do not have the designated internal resources and/or understanding of how to properly identify what is unclaimed property and to what jurisdictions that unclaimed property must be remitted. In addition, they have little or no experience managing an unclaimed property audit. This information will help these companies with identifying what is unclaimed property in light of the fact that states and their aggressive third party auditors often looking to expand what is reportable property. This topic will also explain the process of reporting unclaimed property, including performing due diligence, and identifying of the proper jurisdiction to which the property should be remitted. Moreover, given that collecting unclaimed property is often a windfall for state in desperate need of funds, this topic will discuss how to best prepare for and defend an unclaimed property audit.

Learning Objectives

  • You will be able to describe audit considerations.
  • You will be able to identify what is unclaimed property- how does it work and what is it?
  • You will be able to recognize unclaimed property audits.
  • You will be able to discuss unclaimed property issues.
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