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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 notices advise companies to either participate in the state’s unclaimed property VDA Program or be subject to an audit.
Holders of IRAs may need to withhold 10% federal tax and file Form 1099-R when escheating certain IRA distributions.
Retailers should assess gift card procedures including an annual review of reporting, sales tax, unclaimed property and more.