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.
