Unclaimed Property
We provide advocacy and operational solutions to managing and minimizing all areas of risk associated with unclaimed property compliance.
Unclaimed Property
Unclaimed property may be a hidden cost for many companies, and the ability to track such property as well as staying current with changing legislation, rulings, filing and escheat requirements can seem overwhelming.
Our unclaimed property professionals can act as your true advocate. Our team is comprised of a national group of professionals with diverse backgrounds, including industry and government, and many are nationally recognized in the area of unclaimed property advocacy. We recognize these challenges and provide customized services to assist you with identifying risk and managing the overall process. Baker Tilly can help you establish long-term solutions that minimize the risk of audit, the burden of unclaimed property compliance and proactively help you implement or enhance critical processes and procedures.
Unclaimed property
Baker Tilly can help you with all unclaimed property needs, including:
Annual compliance
Our annual compliance process is a time-tested approach that offers everything relating to the escheatment process, from general assistance to full outsourcing of a company’s annual reporting function, including due diligence and payment processing, tailored to your specific needs and circumstances.
Audit defense
Our team is comprised of experienced professionals, CPAs, and former state auditors with extensive experience across multiple industries and with the audit firms used by the various states. We help with all issues that may arise under audit, whether conducted by a third-party contract auditor on behalf of multiple jurisdictions or by the audit personnel of a single state.
Exposure analysis and settlement
Our team can assist with a quantitative or qualitative analysis of your records, assist with developing effective mitigation strategies, assist with identifying potential unclaimed property liabilities for buyers and sellers during M&A transactions, and assisting with the negotiation and settlement process with states and their auditors, including voluntary disclosure agreements (VDAs) and other similar settlement program offered.
General consulting
We are available to serve as your company’s complete unclaimed property resource. Whether researching and compiling general reporting related information or one-off questions, designing, and implementing a planning strategy or reporting tools tailor-made to your company’s specific needs, or assisting with complex organizational transactions such as mergers and acquisitions, we provide the technical knowledge that your organization needs.
Policies and procedures
We help clients develop and implement industry-leading “best practice” policies and procedures. Starting with a high-level diagnostic review to understand current unclaimed property processes, we assess potential unreported, over-reported and under-reported unclaimed property, and then assist with the development and implementation of process improvements and leading practices to avoid future non-compliance and reduce the future risk of significant audit assessments
The five Ws of unclaimed property record retention
Article
Unclaimed property: State-by-state guide
