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Abandoned and Unclaimed Property

Abandoned and Unclaimed Property
Compliance Outsourcing

All businesses are holders of abandoned or unclaimed property (AUP). States have become more aggressive in applying the AUP laws to all types of businesses. AUP audits may be conducted by any state, and many are conducted in a multi-state format. Most multi-state audits are conducted by third party contract auditors. These auditors are generally paid on a contingency fee basis, earning a portion of the revenue they collect. Since their compensation is contingency fee based, third-party auditors tend to take aggressive positions that may not be justifiable.

AUP audits and compliance are an administrative and resource burden that can be alleviated by outsourcing the function to professionals with experience. Few corporate departments have the expertise or resources to effectively manage and minimize their abandoned or unclaimed property audits and compliance. We can assist in identifying and quantifying escheatable property for all property types and determine in which states exposure may exist. A-SALT Group will then recommend compliance and voluntary disclosure strategies and alternatives to minimize potential exposure. We will use our negotiating expertise to the benefit of the client and work closely with State Authorities in negotiating a voluntary disclosure agreement (anonymously if possible) that is most favorable to the client. We are also prepared to provide annual compliance assistance in the preparation and filing of the various state abandoned and unclaimed property reports.

A-Salt Group’s AUP Services will:

  • Identify and quantify escheatable property holdings by state.
  • Develop voluntary disclosure strategy for each state.
  • Engage in anonymous discussions with states.
  • Negotiate with state authorities a voluntary compliance agreement with favorable look-back period, sampling or extrapolation techniques, and elimination or reduction of penalty and interest.
  • Establish internal systems or processes and procedures for identifying, quantifying, and documenting AUP on a go forward basis.
  • Perform annual report filing services for all reportable jurisdictions.
  • Provide client with an AUP compliance calendar.
  • Respond to all questions or notices from jurisdictions regarding the returns filed or other related items. Provide client with a monthly notification of any extraordinary items that may occur.
Sales and Use Tax | Compliance Outsourcing Audit Representation Overpayment Review Consulting Services
Personal and Real Property Tax | Compliance Services Value AppealsAudit Representation
Canadian Sales Tax | Compliance Outsourcing Audit Representation Tax Consulting
Accounts Payable | Accounts Payable Review
Abandoned and Unclaimed Property | Compliance Service
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