Tracking Unclaimed Property Helps Firms Avoid Tax Audits and Penalties

The taxman visited in April, but the taxman will be back. Be prepared. Ann Fulmer, director of consulting services at Sovos, tells PYMNTS that billions of dollars of unclaimed property — from uncashed checks to dormant bank accounts and gift cards — are still obligations that firms need to return to their owners. Failure to do so can lead to penalties assessed interest by state governments.