Maintain compliance and manage risk.
Many companies may not fully understand — or even be aware of — unclaimed property statutes and regulations. Unclaimed, or abandoned, property consists of tangible and intangible items that a business owes to its employees, customers, vendors, creditors or shareholders—everything from uncashed 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 laws that require companies to report and remit various property types that have been unclaimed or dormant for a period of time. Frequent legislative changes and administrative burden make it difficult for many companies to successfully implement a process and maintain ongoing compliance.
States are enforcing unclaimed property laws more strictly with audits now prevalent for all industries and business sizes and can go back 15 years or more. 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 technology resources required to mitigate unclaimed property exposure, including:
Consulting
- Audit defense
- Feasibility study and risk assessments
- General consulting
- Global mapping consulting
- Merger and acquisition due diligence
- Refund reviews
- Remediation reviews
- Voluntary disclosure agreements
Compliance
- Compliance education and training
- Compliance report preparation and filing
- Due diligence letter preparation and tracking
- Policy and procedure implementation