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.
Delaware enacts major unclaimed property reform, incorporating provisions from the RUUPA and addressing current challenges.
Recently, the New York State Comptroller quietly revised the 2017 unclaimed property voluntary compliance agreement reducing the reportable period reach-back to 2007 for “general ledger” type property.
Twenty-three states challenge the escheat of MoneyGram official checks, claiming instruments should have escheated to state of purchase.