Early Identification Saves Retailer More Than $500K

Client Profile

Industry: Retail
Annual Revenue: >$100 nillion
Geographic Footprint: International
Ownership Structure: Foreign-Owned Private

CBIZ abandoned/unclaimed professonials help retailers.Issue

A retailer discovered it had unaddressed abandoned/unclaimed property (AUP) liabilities after it received an audit warning letter from the state of New York. Subsequent review indicated additional liabilities in other states.


Our team worked closely with the retailer to identify and evaluate AUP exposure areas. We examined the company’s accounts payable and receivable, unapplied cash, gift cards, and other common sources of AUP, which resulted in a potential unaddressed liability of $620,000.

To help the retailer resolve liabilities and mitigate penalties for its noncompliance, we initiated voluntary disclosure programs in multiple states, including New York and Delaware, arguably two of the most complex programs. We also helped bring the company into compliance with its AUP reporting obligations to minimize the risk of future exposure.


Proactively addressing the identified AUP liabilities reduced the original $620,000 estimate to $110,000. We also eliminated all related penalties. Furthermore, the company successfully avoided an arduous audit process and substantially larger assessments that likely would have followed.

Proactive Against Penalty

Discover how our AUP team can reduce your exposure before you face scrutiny from state regulators.

Download our case study

Copyright © 2016, CBIZ, Inc. All rights reserved. Contents of this publication may not be reproduced without the express written consent of CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).

Early Identification Saves Retailer More Than $500KCBIZ helped a retailer reduces its abandoned/unclaimed property liability....2016-07-29T17:33:00-05:00

CBIZ helped a retailer reduces its abandoned/unclaimed property liability.

Planning & Tax MinimizationState & Local Tax