Georgia Unclaimed Property Laws

sidebar_UnclaimedPropertyAre you aware that the State of Georgia requires unclaimed property to be reported and remitted to the Georgia Department of Revenue?  Failure to do so can result in the assessment of penalties, fines and even imprisonment.

What makes up “unclaimed property”?  Unclaimed property includes outstanding paychecks and other checks, such as payments to vendors that have never been cashed, balances in abandoned bank accounts, accounts receivable that have been overpaid by customers, credit memos that have not been redeemed, unused gift certificates, security deposits and numerous other types of property. [Read more…]

Georgia Partnerships with Out-of-State Partners

canstockphoto2796968Have a Georgia partnership with out of state partners?
If you have a Georgia partnership with out of state partners, you may be required to withhold part of their K-1 earnings as per Georgia law.  [Read more…]