Jurisdictions are aggressively enforcing their respective unclaimed property laws through the use of their own auditors or by engaging third-party audit firms who are oftentimes compensated on a contingency basis. It is not uncommon for a jurisdiction to reach back 20-25 years under audit and to assess interest and penalties to the underlying unclaimed property amounts.

With an economic crisis facing all jurisdictions, the enforcement of unclaimed property laws is a complimentary way to aid jurisdictions with their growing deficits. While the underlying intention of the unclaimed property laws is to reunite property with its rightful owner, audit assessments include owner unknown and estimated amounts that will never be claimed; thus, creating “revenue” for the jurisdictions.

Abandoned Property Services will represent an organization in an unclaimed property examination. As part of this representation, Abandoned Property Services will work to resolve the examination in the most efficient and timely manner possible.

Strategy

Abandoned Property Services will work with an organization to develop an appropriate strategy for best handling the examination.

Assistance

Abandoned Property Services will assist an organization in its dealings with the auditor’s examination team and will meet with team members as appropriate and necessary. Abandoned Property Services will assist the organization in preparing submissions in response to the auditor’s inquiries.

Settlement

Abandoned Property Services will represent an organization before a participating jurisdiction to settle an examination in a manner that minimizes the amount to be remitted, resolves all past due exposure and mitigates future risks.