Maintaining compliance and managing risks

Many companies may not fully understand – or even be aware of – unclaimed property statutes and regulations. Unclaimed property consists of tangible and intangible items that a business owes to its employees, customers, vendors, creditors, or shareholders, including everything from  un-cashed checks, voided checks, and unused/unredeemed gift certificates to accounts receivable credits, deposits, refunds, and rebates. All 50 states, the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands have unclaimed property laws that require companies to report and remit various unclaimed property types that have been unclaimed or dormant for a statutorily defined period of time. With various state laws, frequent legislative changes, and administrative burden, many companies struggle to implement a process and maintain ongoing unclaimed property compliance.
 
But states are enforcing unclaimed property laws more strictly. Audits are now prevalent for all industries and businesses of all sizes, and can go back 15 years or more. Most of these audits are multi-state in nature, and are conducted by third party, contingency fee-based firms. More than ever, companies must take proactive steps to manage the potential risks related to unclaimed property and ensure compliance. 
 
BDO has extensive experience and the comprehensive technical and information technology resources required to mitigate unclaimed property exposure, including:
 
Consulting

• Voluntary Disclosure Agreements
• Audit Defense
• Feasibility Study and Risk Assessments
• Remediation Reviews
• Merger & Acquisition Due Diligence
• Refund Reviews
• Global Mapping Consulting
• General Consulting

 
Compliance

• Compliance Report Preparation and Filing
• Due Diligence Letter Preparation and Tracking
• Policy & Procedure Implementation
• Compliance Education and Training