Mitigate risk with a proactive plan for unclaimed property reporting and management
As states look for more sources of revenue, unclaimed property is an increasingly important area of concern for many businesses. If you have uncashed checks, dormant bank accounts, unredeemed gift cards, customer credits or other types of unclaimed property, you may be required to report these assets to the state or face substantial penalties and interest.
Our unclaimed property team has risk mitigation, process improvement and controversy resolution experience to help you manage your exposure to risk. We provide:
- Risk assessment and process reviews
- Exposure quantification
- Audit mitigation and controversy
- Voluntary disclosure agreements
Learn more about RSM’s comprehensive unclaimed property services.
Twenty-three states challenge the escheat of MoneyGram official checks, claiming instruments should have escheated to state of purchase.
Complaint that Delaware’s unclaimed property law was preempted by federal law and audit requests were illegal search and seizures dismissed.
Retailers should assess gift card procedures including an annual review of reporting, sales tax, unclaimed property and more.
Statement by Delaware Secretary of State to unclaimed property holders in voluntary disclosure provides changes in light of Temple-Inland.
Federal District Court finds that Delaware’s unclaimed property methodology and audit techniques violate substantial due process.