Andersen

Andersen

Unclaimed Property

Every U.S. state, the District of Columbia, and U.S territories have unclaimed property laws and regulations that require businesses to report and remit unclaimed or abandoned property for which ownership rights have not been demonstrated over a certain period of time (referred to as the “dormancy period”). The rules apply to both tangible and intangible property.

Risk Assessment 

Understanding a range of potential exposure is necessary for a multitude of reasons.  Our team will use readily available records and industry experience to quantify a range of potential liability.  One complete we will discuss the impact, options for mitigation and devise a specific strategy for next steps.

Voluntary Disclosure Agreements

Our team assists with all steps  of a voluntary disclosure agreement (VDA) process from identifying relevant reporting jurisdictions, submission of state forms, identification of liability, workpaper preparation and discussions with the state agents or reviewers.

Audit Defense

Whether an audit is being conducted by the state or a third-party agent, our team will manage communication with the auditors, audit requests, internal teams and the flow of information.   Each step will have a strategic approach that is discussed internally with the goal of mitigating overall exposure in the most efficient way possible.

Annual Compliance & Due Diligence

States require companies to report identified unclaimed property annually.  Our team will steer the compliance process, including determining what is owed, sending and tracking due diligence letters, managing all filings and ensuring timely payments.  Throughout the process, we will evaluate strategy and advise on how each filing will impact overall risk.  

Policies and Procedures

Our team will work with various process owners to establish and implement tangible unclaimed property policies and procedures. Our process will help reduce audit/compliance risk while simultaneously increasing the reunification process of balances owed to customers, vendors, and employees. 

General Consulting

Our experienced team can assist with any ongoing consulting needs related to unclaimed property. For example, Andersen can assist with gift card consulting/best practices/mitigation, ASC 450/accruals, refund reviews, remediation studies, M&A strategic consultation, etc.