Developing methods for identifying and mitigating unclaimed property noncompliance
Unclaimed property is tangible or intangible property that becomes dormant (unclaimed) for a specific period of time. This property can include items such as bank accounts, vendor checks, insurance proceeds, payroll checks and unused gift cards, among others. All states have imposed obligations regarding unclaimed property compliance, such as dormancy periods and audit procedures. After the expiration of the dormancy period, state law requires the holder to escheat, or remit, the unclaimed property to the state that administers the unclaimed property law based on a set of rules established through U.S. Supreme Court case law.
While unclaimed property is not a tax, there are numerous compliance considerations, including accurately reporting unclaimed property. Under audit, holders of unclaimed property could be subject to significant liabilities, interest and penalties that can result from periods of noncompliance. 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
- Consulting
- Exposure quantification
- Audit mitigation and controversy
- Voluntary disclosure agreements
- Compliance
More about what we do
Through risk assessments and processes, we can help you get a clear picture of your unclaimed property exposure.
Using real-time data, we can help you quantify your risk, calculate your liability and navigate a voluntary disclosure agreement with confidence.
Don’t face an unclaimed property audit alone. Our specialized knowledge and strong working relationships with individual states’ unclaimed property and third-party contracts can lead to a more favorable resolution.
Don’t overlook unclaimed property compliance. We offer cost-effective, turnkey solutions to help enhance your internal compliance controls.
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