Unclaimed property tax usually refers to intangible goods and includes checks, unused gift cards, abandoned bank accounts, stocks, and unredeemed insurance policies, all helping to make up a large sum of forgotten money. This is usually a collection of items that a business owes to its shareholders, customers, vendors, creditors, and employees.
A company typically turns over property to the state if it’s gone unclaimed for about three to five years. While the term usually doesn’t refer to physical items, some exceptions might include the contents of a safety deposit box, such as jewellery. Those goods could go unclaimed if the person who had leased the deposit box stopped making rental payments and failed to check on the items. The fundamental concept is it has to be something that represents an outstanding liability from the holder to the owner for it to be claimed. Many companies struggle to implement and maintain ongoing unclaimed property tax compliance due to frequent legislative changes, administrative burdens, and various state laws.
Companies as a matter of urgency must take proactive steps to manage the potential risks related to unclaimed property and ensure compliance with the various laws.
With dedicated professionals who have extensive experience in solving a myriad of problems ranging from the completion of annual compliance obligations to responding to unclaimed tax audit notices, we are in a unique position to offer deep technical knowledge and solutions to help your organization identify and resolve both the known and the unknown unclaimed property risks.
Our range of services includes:
- Audit defense and risk assessment
- Voluntary disclosure agreements VDA support
- Merger & Acquisitions due diligence
- Penalty and interest calculations
- Remediation reviews
- Development of policy, procedures and leading practices
- Refund reviews
- General consulting
- Global mapping consulting
- Feasibility studies
- Compliance education and training
- Report preparation and filling support
- Foreign jurisdiction guidance
- Policy and procedure implementation
- Due diligence letter preparation and tracking.
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