Unclaimed Property

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Navigate the world of unclaimed property through the unique expertise of Clarus Partners.

Unclaimed Property - Precision Compliance and Consulting

Unclaimed property is a major source of revenue for states and, consequently, poses a significant risk to companies that are not in compliance with the annual reporting requirements of the 54 reporting jurisdictions (the 50 states, Washington DC, Puerto Rico, the U.S. Virgin Islands and Guam). There are also 3 Canadian provinces with unclaimed property laws. Given that unclaimed property is not a tax, it is often overlooked in a company’s compliance process and the ramification of non-compliance is significant given that most states do not have statutes of limitation and unclaimed property audits can range from 15 to as many as 22 years.

Unclaimed property includes, but is not limited to, obligations owed by a company to its employees, vendors, customers, or shareholders that remain outstanding/unpaid after a prescribed number of years. Every company regardless of industry, size or location has the potential to generate unclaimed property.

If your company, (i) has never filed unclaimed property reports; (ii) filed historically but is currently out of compliance; (iii) files incomplete reports (all relevant property types not included in reporting); (iv) has been acquisitive through stock acquisitions where successor liability now rests with your company; (v) has never been audited by your state of incorporation; (vi) or was audited more than 6 years ago, you are at heightened risk for an unclaimed property audit likely from a 3rd party contingent fee audit firm in the form of a multi-state (20-34 state) audit.

Unclaimed Property Services

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Our expert team, headed by Sonia Walwyn, one of the nation's leading experts on unclaimed property, can determine if your company is at risk and help mitigate that risk. We can also assist with audit defense, voluntary compliance, annual compliance, policies and procedures review/implementation and asset recovery. Our suite of services includes:

Voluntary Disclosures

  • Self Reviews
  • Waiver of Interest & Penalties
  • Evaluate Controls

Audit Defense

  • Defend Against Aggressive State Tactics
  • Achieve Fair Settlements

Exposure Analysis

  • Identify Key Areas of Risk
  • Recommend Path to Achieve Compliance

Process Development

  • Identify Best Practices to Achieve Compliance
  • Draft and Implement Policies & Procedures

Annual Compliance

  • Comply with UP Statutes
  • Achieve Timely Compliance

Why Clarus Is The Clear Choice

Clarus Partners understands the complexities of unclaimed property compliance and the potential financial risks for businesses. Our team of experienced professionals can help you navigate the ever-changing regulations and ensure you remain compliant with all applicable jurisdictions. We can also assist with audit defense, voluntary compliance, annual compliance, policies and procedures review/implementation and asset recovery.

Need clear guidance on unclaimed property risks? Contact Clarus Partners today to discuss your needs and learn how we can help you achieve seamless compliance. Take the steps to ensure your company is in compliance with annual reporting requirements.

Request Consultation

Please fill out the form or contact us to request a consultation. Our team is available to assist you with any questions and provide you with a seamless consultation experience.