Is your business holding unclaimed property?
Your business may be both a holder of unclaimed property and a claimant
It sounds like a crossword puzzle clue: Name a seven-letter medieval word that can affect your 21st century business.
The term is "escheat," and today it means turning over abandoned property, such as unclaimed security deposits and outstanding accounts receivable credits, to state officials. Your business may be both a holder of unclaimed property and a claimant.
For instance, say you're holding an uncashed payroll check for a former employee. If the check remains outstanding, as the holder you may have to file a form with your state treasurer reporting the amount of the unclaimed property. You might also have a responsibility for attempting to contact your former employee. Then, after a time period set by state law, you'll generally be required to turn the funds over to officials or face penalties for failing to do so.
Since escheat applies to banks, insurance companies, utilities, and other businesses, you could also discover your company needs to file a claim to recover property that's rightfully yours. This could be the case if, for example, you moved your corporate office and neglected to apply for a refund of your utility deposit.
Finding out if you have a claim is free. Just search property databases for various states where your business has operated.
Not sure how escheat laws apply to your business? Contact us if you want more information or assistance.
Burzenski & Company once again supported an event at the Children's Center in Hamden. On October 24, three employees volunteered to be onsite for the Children's Center Trunk or Treat Halloween event. Callie Kutys, Shelly Panico and Carmen Rosado donned costumes and handed out candy to about 100 children. Booooooooo!
IR-2024-263, Oct. 10, 2024
WASHINGTON —The Internal Revenue Service announced today continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims.
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On Thursday, August 29th, we held our annual state-of-the-firm and company picnic at Owenego Inn located in Branford, CT.
The firm recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA. Managing Partner Bill Kalinowski congratulated Melody on her tenure and accomplishments with the firm. Said Ralph L. Ricciardelli, CPA, Emeritus, a founding partner of Burzenski & Company, PC, “Mel, 40 years where does the time go? It’s not easy to build a firm and you’ve done it with a lot of grit, expertise, and professionalism. You have been integral in building the firm. You’ve been integral in helping with the staff, whether it was the administrative staff or the accounting staff. I don’t know what we would do without you. There aren’t enough words of appreciation that we can give to you.”
It was a great day for employeea to play games such as bocce, corn hole, Jenga, and a trivia contest with staff split up into teams.
At the firm's annual state-of-the-firm and company picnic on August 29th, we recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA. Managing Partner Bill Kalinowski congratulated Melody on her tenure and accomplishments with the firm.
Said Ralph L. Ricciardelli, CPA, Emeritus, a founding partner of Burzenski & Company, PC, “Mel, 40 years where does the time go? It’s not easy to build a firm and you’ve done it with a lot of grit, expertise, and professionalism. You have been integral in building the firm. You’ve been integral in helping with the staff, whether it was the administrative staff or the accounting staff. I don’t know what we would do without you. There aren’t enough words of appreciation that we can give to you.”Mel, 40 years where does the time go? I remember when you first came to us in 1984 as a staff person. Our first tax season together was 1985. There was a lot of fun things that happened during those early years that laid the ground work for the future.
2024 Connecticut Sales Tax Free Week
Highlights
The 2024 Sales Tax Free Week is Sunday, August 18, through Saturday, August 24, 2024.
Sales or purchases of certain items of clothing or footwear costing less than $100 per item are exempt from sales tax.
This special exemption applies to purchases made from retailers located in Connecticut as well as from on-line retailers.
This year will be Connecticut's 25th Sales Tax Free Week.https://portal.ct.gov/drs/sales-tax/sales-tax-free-week
Sarah Williams, formerly of Abilene, TX, has joined the staff at Burzenski & Company, as a Staff Accountant. She earned a Bachelor of Business Administration degree as well as a Master of Accountancy degree from Abilene Christian University in Abilene, TX.
Prior to joining our firm, she was as a Tax Associate.
She has two cats named Fig and Peach.
Burzenski & Company, PC will close the office on Fridays at 12:00 (noon) in the months of July and August.
Please contact us during our normal business hours of 8:30AM to 5:00PM. 203-468-8133
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