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Unclaimed property audit fallacies and myths - The Tax Adviser

Unclaimed property audit fallacies and myths - The Tax Adviser 2026

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The document is a Service Fee Agreement between a Claimant and Funds Owed, LLC, outlining the terms under which the Organization will locate and recover funds owed to the Claimant or their associated entities. It details the responsibilities of both parties, including the Organization's role in advancing costs and processing claims, as well as the compensation structure where the Claimant receives 60% and the Organization 40% of recovered funds. The agreement also includes clauses on non-circumvention, liability limitations, and legal governance.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in your name as the Claimant in the designated field at the top of the form.
In the Background section, specify the amount of Monies you believe you are entitled to claim. This is crucial for clarity.
Review each clause under 'Claimant and Organization Agree as Follows' carefully, ensuring you understand your obligations and rights.
Sign and date the agreement at the bottom, confirming your acceptance of all terms outlined.
If applicable, provide any additional documentation requested by the Organization within three days of their request.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is an unclaimed property audit?

Regardless of a companys industry, AR is a common source of potential unclaimed property via credit memos, overpayments, duplicate payments, customer account adjustments, unidentified remittances, accounting errors, promotional credits and discounts, product returns and write-offs.

What is a property audit?

State law requires financial institutions, insurance companies, public agencies and businesses to turn over Unclaimed Property to the Missouri State Treasurers office if they have had no contact with the owners for some statutorily defined period of time, generally five years.

Is unclaimed property a trap?

Unclaimed Property Definitions and Risks Unclaimed or abandoned property can generally be defined as an obligation or debt owed by a company to another company or individual that remains outstanding for a defined period under state law.

What is the most common unclaimed property?

The most common types of unclaimed property are: Bank accounts and safe deposit box contents. Stocks, mutual funds, bonds, and dividends. Uncashed cashiers checks and money orders. Certificates of deposit. Matured or terminated insurance policies. Estates. Mineral interests and royalty payments.

Can unclaimed property be a debt?

In some cases, unclaimed property auditors can estimate a companys unclaimed property liabilities. Under an audit, the companys state of domicile may have the right to perform a reasonable estimation of liabilities for periods where records are missing or are incomplete using the information from available records.

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