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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.

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.

Voluntary Disclosure & Remediation 

Concrete maker doesn’t let unclaimed property sink deal

Unclaimed Property

Federal Tax

Tax Advocacy & Controversy Services

State & Local Tax

Unclaimed property: State-by-state guide

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.

Concrete maker doesn’t let unclaimed property sink deal

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

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