Question: A company we recently purchased holds a relatively significant amount of unclaimed property, which we haven’t dealt with previously. What are some of the key considerations we should be focused on?

A: The first thing to realize, says the Sales Tax Institute, is that there is typically no statute of limitations for reporting unclaimed property. This means an unclaimed property audit could potentially go back 10-20 years, depending on state law. 

The length of time for property to be considered unclaimed also varies from state…