National trends, state guidance
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, voluntary disclosure agreement (VDA) letters, verified report and compliance notices and more.
Unclaimed Property Risk Assessment
Take this assessment to help determine whether you’re at risk for properly addressing unclaimed property issues.
Protect your bottom line
BDO’s experienced professionals help companies take proactive steps to manage potential risks related to unclaimed, or abandoned, property. Backed by innovative technology, our team uses a proprietary approach to identify and quantify unclaimed property exposure and protect your bottom line. We 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 including VDA assistance, global mapping, policy & procedures, compliance return filings, audit defense, due diligence, and gift card consulting.
How BDO Can Help
Are you aware of state-specific unclaimed property statutes and regulations?
All 50 states, the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands have laws that require companies to report and remit various property types that have been unclaimed or dormant for a period of time. Read Top 10 Best Practices to Address State Unclaimed Property Programs and contact us with questions about state-specific unclaimed property efforts.
Focus on Delaware
Favorable business tax law in Delaware is a draw for companies to incorporate in the state, among them hundreds of Fortune 500 companies. Delaware is also one of the most aggressive states for auditing companies for unclaimed – or abandoned – property. Download our Delaware VDA decision tree to help determine whether your company should file a VDA. Read our insights to learn how to address the state’s unclaimed property laws and view sample notices and letters.
Harnessing the Power of Technology
Our suite of unclaimed property tools include:
A central, secure location to share documents and collaborate with our team.
Automatically prepares due diligence letters, tracks responses and reports unclaimed property to the appropriate jurisdiction in a timely manner.
A proprietary series of data collection, analysis and exposure quantification templates for VDA, approved by the State of Delaware.
A world-class database information platform to assist in organizing and analyzing unlimited data records to produce summaries and evaluate recommendations.
A market leading data management and analytics platform that reduces the time and effort spent manually gathering and reconciling data.
A data management and analytics tool that can provide data visualizations and business intelligence capabilities within a simple interface.
Automatically extracts data from existing files and further enhances the data by adding filters, sorts, calculated fields, summaries and links to external sources.
Facilitates efficient and effective remediation of full or sample population sets in voluntary disclosure, audit and compliance scenarios.
State & Local Tax Insights
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