Unclaimed Property Compliance And Consulting Services
Navigate the world of unclaimed property through the unique expertise of Clarus Partners.
Key Unclaimed Property Risk Factors
- Did your company receive an audit notice from one or more states?
- Did your company receive an invitation from Delaware to participate in the state’s unclaimed property VDA program?
- Did your company receive notice for a self-review from any state?
- Did your company fail to file annual unclaimed property reports or neglect key property types from your filings?
- Has your company merged with or acquired entities triggering successor liability?
- Do you need assistance with UP annual filings, catch-up filings, or establishing policies & procedures specific to unclaimed property?
- Does your company use third-party firms to administer specific services like payroll, claims, or workers' compensation?
If you answered “Yes” to any of the above, you're in the right place for comprehensive unclaimed property solutions.
What Is Unclaimed Property?
Unclaimed property is any obligation owed by a company to its employees, vendors, customers, or shareholders that remain unclaimed when a company loses contact with the owners for a prescribed period known as the "dormancy period." Upon the expiration of the dormancy period, the unresolved liabilities are deemed to be abandoned and unclaimed. All companies regardless of industry, size, or location, can generate UP.
Key Facts
- UP Is Not A Tax: UP laws are consumer-oriented statutes, intended to protect the rights of owners.
- Ownership: The person or entity entitled to the funds owns them forever. States hold the funds as sole custodians for the owners.
- State Authority: This is limited to the rights of the owners. The states have no independent right to assess or demand UP as UP is not a tax.
Unclaimed Property Services
Sonia Walwyn and our expert team can assess your company's unclaimed property risk. We can also help you find effective ways to ensure compliance. Sonia has over 30 years of UP experience and is both a licensed CPA and attorney.
We can 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
Asset Recovery
- Claim & Property owned to your company
Why Clarus Is The Clear Choice
Clarus Partners understands the complexities of unclaimed property and the potential financial risks for businesses. Our team has experience in both consulting and compliance and can assist in ensuring that your company adheres to the applicable UP requirements. We can assist with audit defense, voluntary compliance, annual compliance, policies and procedures review/implementation, and asset recovery.
Need clear guidance on UP risks? Contact Clarus Partners to discuss your needs and learn how we can help you save money and comply efficiently. Take the steps to protect your company from state audits and the assessment of state-imposed interest and penalties.
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.