“I didn’t know” is no longer an acceptable excuse for taxpayers not meeting their unclaimed property compliance obligations—especially as states increase enforcement of unclaimed property laws to generate revenue.
Businesses and organizations of all types and sizes are responsible for reporting property on their books owed to individuals or other entities. And even though every state has its own requirements, deadlines, and penalties, many are unaware of them as well as the voluntary disclosure and amnesty programs that could help bring them into compliance.
Join our specialists to learn how to manage the impact of state unclaimed property requirements on your business. This program will provide an overview on unclaimed property, the latest legislation trends, and available compliance opportunities, including how you can:
- Reduce your unclaimed property exposure
- Minimize the costs of unclaimed property compliance
- Document and support the decision to take unclaimed property back into income
For more information on this topic, or to learn how Baker Tilly tax specialists can help, contact our team.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.