Reid Unclaimed Property Services has been helping businesses of all sizes become compliant with state unclaimed property laws since 2002. Our goal is to make Unclaimed Property LESS TAXING for you and your organization.
If Your Company:
Has been notified of an upcoming audit;
Is currently undergoing an unclaimed property audit;
Does not track abandoned or unclaimed property;
Has not consistently reported and remitted unclaimed property; or
Has not recently reviewed its policies and procedures regarding unclaimed property,
Reid Unclaimed Property Services can help! For affordable business solutions to unclaimed property compliance issues call:
Tracey Reid
President, Reid Unclaimed Property Services
614-804-8486
Recognizing Your Risk
Identifying your company’s actual Unclaimed Property exposure can be complicated because:Dormancy periods and filing requirements vary from state to state; The types of property that must be reported varies from state to state; Numerous acquisitions or corporate mergers can complicate your company’s efforts to make an accurate determination of your actual unclaimed property liability for past years; Your company may have reversed unclaimed property amounts into various income amounts; Substantial unclaimed property assessments can significantly impact your company’s cash flow; and No practical statute of limitations exist for unclaimed property not reported to the appropriate state.
Your Potential Liability
Unclaimed Property laws are being strongly enforced by the states and are greatly impacting the operations of many companies. Historically, unclaimed property included stock certificates, dividend checks and bank accounts never claimed by an owner or his or her heirs. State statutes have expanded the scope of their laws to include uncashed payroll checks, refund or vendor checks, unclaimed credit balances and, in many states, unclaimed gift certificates. Because many companies have not accurately reported their unclaimed property, cash-poor states have substantially increased their audits to enforce these laws. Consequently, many companies will be subjected to audits and substantial unclaimed property assessments.
Your Company May Have Significant Liability If It....
Issues a substantial number of checks;
Maintains or writes off a substantial number of aged credit balances;
Employs a transient workforce; or
Offers gift certificates or rebates.
Most unclaimed property audits cover a 10 to 15 year period. Many states also have the authority to assess substantial interest (at annual rates of up to 18 percent), as well as penalties.
Minimizing Your Exposure
Because of historically low compliance, increased enforcement of unclaimed property laws, and the potential for multi-million dollar assessments, most companies can expect to be contacted for unclaimed property audits or subjected to other enforcement actions. Your company should take appropriate steps to calculate and manage its potential exposure, as well as segregate documents and records necessary to support legitimate exclusions from its liability. The specialists at Reid Unclaimed Property Services can help your company:
Determine the types of potential unclaimed property your company may be holding;
Understand the impact of the different state unclaimed property laws and regulations;
Determine the types of potential unclaimed property your company may be holding;
Create an action plan to calculate and resolve your liability for past years;
File for voluntary disclosure;
Negotiate with states to resolve audits or past liabilities;
Prepare and submit unclaimed property returns;
Reduce future unclaimed property exposure by modifying systems and procedures; and
Identify and remit legitimate unclaimed property and substantiate legitimate exclusions
