Unclaimed Property Notice - December 2013

December 2013

The State of Florida has recently been sending out notices to potential holders of unclaimed property requiring them to undertake a self-audit review of their businesses for unclaimed property or face a formal examination of their books and records in addition to the application of penalties, interest and audit fees (see sample letter). Florida has previously sent out notices to potential holders informing them of the voluntary compliance self-audit review and encouraging companies to participate if they have unclaimed property to report but has not threatened formal examination. It is BDO’s belief that if recipients of these new letters do not conduct a self-audit review they will likely be audited by the State of Florida at some point in the future.FL sent notices regarding unclaimed property requiring self-audit review FL sent notices to potential holders of unclaimed property requiring them to conduct a self-audit review of their businesses for unclaimed property or face formal examination of their books and records.Florida Unclaimed Property AuditsFlorida Unclaimed Property Audits