Every state and the District of Columbia has unclaimed property laws. Are you following them?
If you have property belonging to someone else, you must track that property, attempt to locate the owner and potentially turn it over to the state. Let the State and Local Tax (SALT) team at Schenck ensure you are meeting these requirements and staying compliant with complex laws.
Unclaimed property consists of tangible and intangible property—such as life insurance policies, inactive savings accounts, uncashed checks, credit balances and safe deposit box contents—that you do not own. If your company is holding property for which you cannot locate the rightful owner, you are required to report it to the state, and state agencies are ramping up unclaimed property audit activity.
Your organization is legally required to have a written policy and procedures in place. Schenck’s SALT team can help you identify unclaimed property and draft a policy. We can also review your existing records and systems to track unclaimed property, providing recommendations to update your record keeping and methodology if needed.
Consider how we can assist you in implementing these procedures, as well as:
- Assist with creating a formal policy or review of existing policy and procedures
- Review available exemptions
- Assist with due diligence and compliance
- Assist with audit defense in the event of an audit notice
- Request a voluntary disclosure agreement to reduce your exposure