Abandoned and unclaimed property

Don’t allow unclaimed property fines to find you

#
Business tax

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.

Unclaimed property compliance resources

Article
Unclaimed property audits: Top 5 ways to mitigate your risk
Discover the common triggers that lead to unclaimed property audits; learn the tactics to get ahead of the curve and mitigate risk.
Article
Retailers must be mindful of gift card tax pitfalls
Retailers should assess gift card procedures including an annual review of reporting, sales tax, unclaimed property and more.
Article
Unclaimed property audits: Top 5 ways to mitigate your risk
Discover the common triggers that lead to unclaimed property audits; learn the tactics to get ahead of the curve and mitigate risk.

Additional related solutions

State and local tax services
State tax technology services
Shelf with products
Consumer goods
Domestic indirect tax services

Related perspectives

 

Meet our abandoned and unclaimed property leader
Our tax professionals are here to help you succeed
  • Yudit Freda
    Yudit Freda
    Partner

Contact our business tax professionals

Complete this form and an RSM representative will be in touch shortly.

Subscribe to RSM tax newsletters

Tax news and insights that are important to you—delivered weekly to your inbox

"