Q. (cont.) The customer has agreed in writing to take the deduction the next time they place an order. Since this item should have already been owed to the state, how long are we supposed to wait? They have "claimed" this property via email, but do they "claim" it when they cash the check or when they take the deduction?
A. According to Karen Anderson, who is the senior vice president – compliance at Unclaimed Property Recovery and Reporting, LLC and a 23-year veteran of the unclaimed property industry: "States don't want property when there has been recent contact and acknowledgement by the owner. So long as there has been contact, with the entity owning the credit and in the contact the owner entity acknowledges the credit, it is not presumed abandoned and therefore, doesn't qualify as unclaimed property. However, the entity that issued the credit should have this acknowledgement in writing and dated – to protect them if they are audited."