Unclaimed Property Consulting
Most states are under increasing pressure to increase revenue and not increase taxes. As a result, states are strictly enforcing Unclaimed Property Laws and unclaimed property audits have been increasing. If you have not been selected for an audit of unclaimed property yet, it is likely that you will be in the future. With 54 different unclaimed property laws currently in place within the United States alone, it is a daunting task for companies to initially comply and/or maintain compliance with all reporting requirements. Non-compliance with unclaimed property reporting laws can result in penalties, interest and even imprisonment. In today’s world of Sarbanes-Oxley, management has the responsibility to sign-off on all contingent liabilities – are you sure that your unclaimed property liability is adequately stated?
Without the appropriate knowledge and resources, your company may be submitting more unclaimed property funds to the states than is actually due. In addition (if you have been selected for audit by one or more states), most unclaimed property audit assessments are higher than what would be legally owed if adequate due diligence procedures were performed. With lookback periods from 17 to 22 years, this overstatement of your liability could be very sizeable.
M&A’s Accountants will tailor services to meet the needs of your organization whether you have never filed unclaimed property or if you have been filing, but need knowledgeable resources to assess current policies and procedures or simply want to outsource the process. M&A will help you to legally reduce your current and future unclaimed property liability and recover previously filed funds that may have been reported in error.
M&A Unclaimed Property Services
You can have confidence that M&A is working towards your goal of minimizing your liability, as we do not receive any fees from the states related to unclaimed property. M&A can customize the following cost-effective unclaimed property services to fit your needs:
Associated information:
Audit Recovery
Contract Compliance Audits
Consulting Services
Health Care Claims Audit Services
Pharmacy Benefit Management Audit
