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State & Local Tax

Unclaimed Property

Unclaimed property is rapidly assuming a new role as a state revenue generator. States are taking aggressive measures to capture unclaimed property by legislating shorter dormancy periods, engaging contingent auditors as bounty hunters to examine reporting and noncompliant holders of unclaimed property, and offering amnesty programs. To help organizations become better familiar with unclaimed property reporting requirements, Baker Tilly compiled a state-by-state guide on unclaimed property laws. Use the guide as a starting point for learning more about the unclaimed property laws of the states in which you have reportable property.   Download this guide: Unclaimed property: State-by-state guide. For more information on this topic, or to learn how Baker Tilly tax specialists can help, contact our team. This guide is updated as needed to reflect state changes.

Learn about the unclaimed property laws of your state.

Construction

Unclaimed property: state-by-state guide

Our Client’s Need A manufacturer of precast concrete products was in negotiations with a buyer. The buyer’s due diligence uncovered unclaimed property as a potential area of liability. Like most companies, the concrete manufacturer was unaware of its unclaimed property and how it would be a material weakness. In some cases, when the unclaimed property exposure is large enough, the buyer will walk away. Baker Tilly’s Solution The manufacturer engaged Baker Tilly in an unclaimed property review. Our unclaimed property practice professionals identified any potential unclaimed property exposure and worked with our client to remediate uncashed checks and credit memos. Baker Tilly then analyzed all relevant unclaimed property laws, including business-to-business exemptions. Finally, our team drafted a comprehensive memo to document the review process, remediation efforts and relevant law. Baker Tilly quantified the client’s exposure, met with the buyer to answer any questions and made recommendations on how to further reduce exposure through voluntary disclosure agreements. Results Baker Tilly reduced the buyer’s originally proposed exposure by more than 75 percent. Most importantly, our professionals helped ensure that unclaimed property was not a major issue in the sale. 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.

Tax Advocacy & Controversy Services

Voluntary Disclosure & Remediation 

Concrete maker doesn’t let unclaimed property sink deal

Unclaimed property is a hidden cost for many companies, but the ability to track such property as well as stay current with changing legislation, rulings, filing and escheat requirements is overwhelming.

Our unclaimed property professionals recognize these challenges and provide customized services to assist you with identifying risk and managing the overall process. With Baker Tilly on your team, you can strengthen your position by establishing long-term solutions that minimize the risk of audit and the burden of unclaimed property compliance. We proactively help you implement or enhance critical processes and procedures, often enabling you to bring properly vetted property back into income and improve your financial results.

Performing unclaimed property compliance reviews

Providing advanced planning and restructuring for unclaimed property matters

Identifying unclaimed property liability and legal exclusions

Determining compliance needs and reporting issues

Negotiating favorable voluntary disclosure agreements

Defending abandoned and unclaimed property audits

Complementing law firms during unclaimed property audits

Designing unclaimed property management systems

Assisting with unclaimed property due diligence and reporting

Assisting with company unclaimed property recovery

Baker Tilly can help you with all unclaimed property issues, including:

Wisconsin establishes rules for unclaimed property audits conducted by third-party auditors

Unclaimed property holders can challenge state’s authority to audit

Mark Heroux, principal in the tax services group at Baker Tilly joined the firm in 2008. He has more than 30 years of tax experience working with tax-exempt organizations. Mark leads the tax-exempt practice for Chicago and Milwaukee.

Colin Walsh is a principal with Baker Tilly’s tax practice. Colin joined the firm in 2010. He specializes in tax practices and procedures, tax controversy, dispute resolution and unclaimed property.

We help you identify and report any unclaimed property on your books – saving you from penalties and improving your bottom line.

Our unclaimed property team will help you identify and report any unclaimed property on your books – saving you from penalties and improving your bottom line.

Baker Tilly offers specialized federal tax compliance and planning expertise to help businesses optimize value while minimizing their tax burden.

IRS examination and appeals representation • IRS installment agreements and offers in compromise • Requests for penalty relief • Private letter ruling requests • IRS voluntary disclosures – offshore and domestic • Criminal tax and white collar investigations • Litigation support and expert witness testimony • AML/BSA regulatory compliance

Baker Tilly's tax advocacy and controversy team understands what you need to do to lower your risk of audit, but also knows how to help you if you are faced with a federal or state examination.

Our state and local tax professionals offer specialized expertise to help businesses and individuals understand increasingly complex state and local tax rules.

Unclaimed Property

Unclaimed property: state-by-state guide

Concrete maker doesn’t let unclaimed property sink deal

Federal Tax

Tax Advocacy & Controversy Services

State & Local Tax

Unclaimed property is a hidden cost for many companies, but the ability to track such property as well as stay current with changing legislation, rulings, filing and escheat requirements is overwhelming.

Concrete maker doesn’t let unclaimed property sink deal

Baker Tilly can help you with all unclaimed property issues, including:

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