Unclaimed Property

Is your business effectively managing its unclaimed property reporting requirements?

Unclaimed property ("escheat") compliance and audits place a great burden on businesses throughout the United States. Inadequate compliance can result in staggering business losses. Some states enforce compliance for periods as far back as twenty-five years and assess interest charges on unreported unclaimed property. Some states also assess penalties for noncompliance with unclaimed property rules.

Often it is possible to negotiate voluntary disclosure agreements on an undisclosed basis with states where a business is non-compliant with unclaimed property reporting. The voluntary disclosure agreements typically limit the number of past years that must be reported and avoid penalties. Once a state has identified a non-compliant business, however, it is usually too late to obtain benefits associated with voluntary disclosure and even more significant penalties can result. Many states have reciprocal voluntary reporting agreements with sister states which makes compliance even more critical.

We can help your business limit its unclaimed property compliance exposure by identifying reportable versus non-reportable property, reviewing current compliance procedures, developing new ones, and representing your business if audited by any of the states.

Call us today at 212-232-2410 or contact us online to discuss your options.

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