Unclaimed Property Consulting and Outsourcing

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ONESOURCE Property Tax has assembled a team that consists of one of the largest and most diverse groups of Unclaimed Property professionals in the industry.

The Unclaimed Property group of ONESOURCE Property Tax brings over 125 years of collective experience to our clients and our expertise includes helping over 190 corporations assess, quantify, and better manage their unclaimed property liabilities.

We can also develop strategies for your company to monitor unclaimed property requirements, develop constructive relationships with state and local governments, and provide assistance with voluntary disclosures and audit support.

Unclaimed property can easily be overlooked as an area of risk, and enforcement is on the rise. The Unclaimed Property group can protect you from common risks, including:

  • Potential assessments that can impact cash flow and financial statements
  • Penalties and interest that can range up to 50 percent of the total unclaimed property assessment
  • Audit costs that can be assessed per day and per state auditor
  • Noncompliance with government regulations - both federal and state
  • Reputational risk

Our services include:
Qualitative & Quantitative Risk Assessment - We can conduct a customized assessment to identify potential areas of risk and noncompliance. You'll benefit from the satisfaction of implementing procedures that achieve full compliance and effective risk management. You' ll also be prepared should your company be selected for an audit.

Unclaimed Property State Audit Assistance - We can help you prepare responses to information requests, prepare necessary audit schedules, organize related supporting documentation, and develop a method to determine the range of potential exposure. We can also assist with negotiations with state unclaimed property personnel and provide strategic advice.

Voluntary Disclosures / Government Relations - Many states provide favorable compliance opportunities through amnesty or voluntary disclosure incentives. We can help identify the various state requirements and assist your team with the appropriate methodology and process.

We're available to help develop a cohesive relationship with state unclaimed property personnel and/or their auditors. We can also team with you to obtain seek relief from applicable interest and penalty assessments, achieve compliance, and implement proactive procedures for future reporting.

Proactive Strategies & Systems Review - By taking measures to accurately identify and properly report unclaimed property to the appropriate jurisdiction, you' ll avoid underreporting and/or over-remittances. We can suggest modifications to accounting systems and current reporting procedures. We' ll also help you properly classify items that are eligible for due diligence and state reporting which will enable you to implement appropriate records retention and substantiation policies.

Policies & Procedures - Adopt appropriate written policies and procedures to achieve and maintain compliance with the requirements of each state jurisdiction. We can assist in the customized development of written policies and procedures, as well as provide in-house staff training. Our specialists help your company customize and implement its reporting practices to ensure compliance.

Unclaimed Property Compliance & Reporting Services - We can prepare your state unclaimed property reports to conform with the requirements of each applicable jurisdiction, and in each state' s required format. In addition, our specialists can assist with due diligence mailings, navigating through the unique state reporting requirements and best practices for reimbursement and claims processing. Our team can prepare individual reports to the 54 jurisdictions at a reasonable price and with minimal effort and resources.

Contact Us for more information on how we can help improve your unclaimed property compliance obligations.