Abandoned and unclaimed property
Audit defense, voluntary disclosure agreements, and compliance for corporate holders of unclaimed property
Corporate Unclaimed Property Solutions
Unclaimed property has been the hidden liability in your corporate books and records. As a corporate holder, you have responsibilities under the laws of all U.S. states and other jurisdictions to report unclaimed property.
If you do not comply with state escheat laws, you may be subject to audits. Unclaimed property audits are often conducted on a multi-state basis by contingency fee auditors and can last years.
Voluntary Disclosure Agreements
Introduction to Unclaimed Property
If you are new to unclaimed property, it is probably because your company received an audit letter from a state. Or perhaps you heard an audit horror story and are looking to avoid the same fate.
But first, you need to know the basics of escheatment. Yes, we have three names for the same thing – unclaimed property, abandoned property, and escheat. Sometimes, you’ll even see it abbreviated as AUP (abandoned and unclaimed property) or UP (unclaimed property).
It’s all the same process, so let’s get you caught up on the basics of unclaimed property.
Remember, unclaimed property is not a tax and traditional notions of nexus do not apply. Instead, property rights attach and you may be subject to reporting in states that you would otherwise not have any connection to.
Unclaimed Property Litigation
Read about the cases that have brought us to this point in unclaimed property audit defense and compliance. Unfortunately, most companies involved will call these the horror stories of unclaimed property.