USA Write-off old credit balances

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I want to write-off balances for customers that have credit balances on their accounts. These are
usually just a few cents or up to about $100 for overpayment errors or aged return credits issued with no expected sale to offset the credit.

These credit balances are cluttering my aging report, but I need to know if there are legal guidelines that must be followed before proposing a mass write off to my boss (i.e. obligation to inform the customer? Age or amount of the credit balance?). Thanks.
 

kirby

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This is unclaimed property and is covered by your state's escheatment laws. Bottom line is you have to pay it to the state.
 
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This is unclaimed property and is covered by your state's escheatment laws. Bottom line is you have to pay it to the state.
WOW Really!? Are you serious!? Can you attach an IRS bulletin board that says that?
 

kirby

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These are US state laws, not US federal income tax laws. So look up "escheatment" for your state.
 
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