Accounting Best Practices with Steve Bragg

Unclaimed Property Laws (#391)

In this episode Steve Bragg explains unclaimed property—assets like uncashed checks, dormant accounts, and gift‑card balances that remain on a company's books until state law forces a transfer. He outlines the fragmented state‑by‑state legal framework, the priority rules that determine which state receives the property, and the duties of "holders" to track dormancy periods, conduct due‑diligence notices, and file annual reports. Bragg highlights the audit risk, especially in aggressive states such as Delaware, New York, and California, where penalties can be substantial. He urges accounting teams to proactively manage unclaimed property to avoid costly surprises.