Do you know if your company is at risk of having abandoned or unclaimed property exposure? If not, it’s time to find out. Many companies are often unaware of escheat property laws or may only be partially complying with them. As a result, you may be creating or adding to its abandoned/unclaimed property tax exposure.
CBIZ’s Abandoned/Unclaimed Property group helps you reduce your risk of exposure. We work with companies to implement best practices to manage gift certificates, consumer rebate programs, uncashed checks, dividend payments, inactive bank accounts, and other common forms of abandoned property.
Abandoned/Unclaimed Property Solutions
- Abandoned/Unclaimed Property Controversy: Use our team to manage the voluntary disclosure filing process for reporting deficiencies, including all correspondence with the state, the drafting of voluntary disclosure agreements and amnesty filings, anonymous inquiries, and negotiations regarding extrapolation methodologies for years in which no information exists.
- Accounting Practices Review: Perform a review of your accounting and treasury practices and entity structures when related entities are domiciled in different jurisdictions to identify the holder and address successor liability issues.
- Foreign Escheat Requirements: Enlist our team to perform analysis of foreign escheat requirements and advisement on the escheat of foreign property held by U.S. corporations.
- Legislative Updates: Access assistance with monitoring of legislative and reporting trends and advisement on business practices concerning gift certificates, gift cards, re-loadable stored value cards, and electronic codes.
- Rebate Program Advisory: Use our team to review rebate service agreements. We can advise on escheat issues related to consumer rebate programs.
- Tax Form Preparation and Filing: Receive assistance with annual unclaimed property reports.
- Unclaimed Property Audits: Access assistance with the management of unclaimed property audits conducted by states or their third-party contract auditors.