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JMS Advisory Group, LLC Escheat & Unclaimed Property Discussion Douglas M. Halka Director James O. Santivañez Director www.jmsadvisors.com.

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Presentation on theme: "JMS Advisory Group, LLC Escheat & Unclaimed Property Discussion Douglas M. Halka Director James O. Santivañez Director www.jmsadvisors.com."— Presentation transcript:

1 JMS Advisory Group, LLC Escheat & Unclaimed Property Discussion Douglas M. Halka Director James O. Santivañez Director

2 Who We Are Attorneys, CPAs and Former State Agency Officials Experienced in Unclaimed Property Matters Specialists in Complex Company Reviews & Designing Internal Compliance Systems For Clients Client Advocates/No Conflicts of Interest Serving Primarily the Fortune and S&P 500 Unclaimed Property & Escheat Consulting Is All We Do

3 What We Do Voluntary Disclosure – Quantification & Analysis Of Exposure – Negotiation on Clients Behalf Audit Defense – Defense Strategy – Documentation Preparation – Negotiation Annual Reporting & Compliance – Outsourcing/Co-sourcing – Report Review Asset Recovery – Asset Identification – Claims Preparation General Consulting – Policy & Procedure Development – Litigation Support – Planning – Gift Certificates/Cards

4 What is Unclaimed Property? Seems like a tax, but unclaimed property that must be turned over to a state is not a tax in any sense More of an obligation as opposed to a tax on income, property, or transactions However, states are clearly utilizing unclaimed property laws to generate revenue Terminology: Unclaimed/Abandoned Property; Escheat

5 Current Environment States Are Looking For Revenue Audit & Legislative Activity Is Picking Up States Are Using Third Party Audit Firms Administrative Burden Shifting To Holders Uniformity Doesnt Exist Little Guidance In The Area

6 Industry Specific Issues Car Dealerships Payroll, Vendor Payments, Workers Comp Customer Deposits We owe obligations Use of Agents Insurance P&C Insurance Life Insurance Workers Comp

7 Industry Specific Issues Law Firms Trust & Escrow Funds Settlement Checks Construction Payroll Bond Postings/Deposits Manufacturing Payroll, Payables, Receivables, Inventory Management

8 Scenarios & What to Do Next Self-review: Controlled Liability/Exposure Analysis Receive Reporting Package From State Receive Compliance Letter From State Receive Audit Notice From State Proactive vs. Reactive Approach


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