Jurisdictions are aggressively enforcing their respective unclaimed property laws through the use of their own auditors or by engaging third-party audit firms. It is in an organization’s best interest to address non-compliance or under-compliance “voluntarily” and avoid the administrative and financial burden of an examination and resulting assessment. By coming forward voluntarily, an organization is commonly afforded the benefits of a shorter look-back period and an abatement of interest and penalties.

Abandoned Property Services has developed a multi-phased approach to determine an organization’s potential past, present and future exposure and to develop a plan to bring the organization into compliance with its unclaimed property reporting obligations.

High-Level Diagnostic & Strategy Development

Abandoned Property Services will work with an organization to quantify the apparent exposure and provide the organization with the appropriate strategy to minimize the exposure.

Exposure Mitigation

Abandoned Property Services will use the relevant data compiled during the diagnostic and refine the potential unclaimed property exposure in accordance with the agreed upon strategy to quantify the amount of property that is “truly” unclaimed.

Voluntary Disclosures / Remittances

Abandoned Property Services will assist an organization in taking full advantage of any formal or informal voluntary disclosure/remittance programs. Additionally, Abandoned Property Services will prepare the necessary unclaimed property reports to accompany the required correspondence to the appropriate jurisdictions.

On-going Compliance

Abandoned Property Services will provide an organization with recommendations to facilitate the organization’s future compliance with the numerous unclaimed property laws.