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.
In 2015, Washington state made sweeping changes to its unclaimed property law and opened an amnesty program. Unclaimed property holders that did not previously apply for amnesty should consider doing so by Oct. 31, 2017, in order to obtain penalty and interest waivers.
Delaware recently released a statement indicating intentions to identify and contact noncompliant unclaimed property holders. Notified holders are expected to enroll in the state's VDA program or they will be referred for audit.
Anticipated regulations address unclaimed property examinations; create deadlines for holders to convert examinations and enter into VDAs.