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Escheat & Unclaimed Property

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Presentation on theme: "Escheat & Unclaimed Property"— Presentation transcript:

1 Escheat & Unclaimed Property
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 Audit Defense
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 Doesn’t 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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