Unclaimed Property

Many companies may not fully understand — or even be aware of — unclaimed property statutes and regulations.  

Unclaimed property laws for reporting and remittance vary by state, as does the way each state agency requests and shares information. Compounding this complexity, many states are cracking down on unclaimed property compliance through a variety of examination and enforcement initiatives including audits, self-audits, VDA letters, verified report and compliance notices and more. Case in point: California estimates less than 2% compliance with its escheat laws and as such now asks unclaimed property questions on state income tax returns. This information will be used to measure level of ongoing unclaimed property compliance in the state. It is expected other states will follow this trend in the coming years. Knowing this, it’s more important than ever to understand any potential unclaimed property liabilities and proactively implement compliance processes.  

BDO’s experienced professionals help companies take proactive steps to manage potential risks related to unclaimed property. Backed by innovative technology including Alteryx, Power BI, FSI Track, among others, our team uses a proprietary approach to identify and quantify unclaimed property exposure and protect your bottom line. We strive to go beyond routine compliance tasks to implement best practices and uncover opportunities and issues before they pose audit risk. 

We have the knowledge, experience and resources to address all your unclaimed property issues in all industries, including refund review, feasibility reviews, policy and procedure implementation, global mapping, compliance report preparation and filing, audit defense, voluntary disclosure filings, due diligence, gift card consulting and more.