Unclaimed Property Lost But Not Forgotten
State unclaimed property administrators are increasingly targeting smaller and smaller businesses for compliance review concerning unclaimed property laws. Non-specialists, especially companies with no dedicated unclaimed property employees, often have difficulty navigating these complicated laws and struggle to establish lasting compliance processes. We can help. Our attorneys have considerable experience reviewing credit balances on the books and determining whether property exists that requires reporting and to which state(s). We defend holders in unclaimed property audits, including large multistate audits of publicly traded companies conducted by contingency fee audit firms, as well as single-state audits of smaller holders with less annual revenue. Our experience also includes general ledger audits and audits of specific property types, such as securities audits.
Assisted companies in developing unclaimed property policies and procedures to reduce future audit exposure.
Advised intermediaries (e.g., transfer agents) on policies for unclaimed property compliance for services provided to their clients and their clients’ clients.
Advised on existing gift card company structures and making suggestions for improvement.
Assisted with cleaning up past exposures, including obtaining voluntary disclosure agreements.
Determined whether specific property is reportable and, if so, to which state.
Advised intermediaries on best practices for handling unclaimed property audits of their clients.
Provided guidance on the necessary steps to locate lost owners, including compliance with Rule 17AD-17.
Meet The Team