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Our best practice for unclaimed property reporting
Unclaimed property softwareBest practiceContact us todayOur servicesFAQs
Focus on what you do best and let us manage your unclaimed property reporting and compliance
Our servicesFAQsBest practiceUnclaimed property softwareContact us today
Unclaimed property compliance is a complex and confusing process with hidden traps that can trigger material and hidden liability, along with penalties and accrued interest.
Leverage our expert knowledge, technology and software to stay compliant, reduce the risk of interest and penalties, and limit exposure to an audit.
About us
Altus Group is a leading provider of software, data solutions and technology-enabled expert services to the global commercial real estate industry.
Altus Group's leading US state and local tax practice is a multi-disciplinary team of professionals with the depth in expertise to uncover hidden value and mitigate areas of risk associated with the complexities of planning and compliance in a multi-state, multi-tax environment.
Real-world data
Diverse expertise
Depth of resources
Local representation
Watch our webinar on unclaimed property best practices
Holders can engage in a number of unclaimed property best practices designed to identify areas of potential exposure and develop strategies to mitigate audit risk.
This webinar addresses the steps to consider to be ‘audit ready’ from both an accounting and legal perspective. It is a practical guide for leveraging the policies and procedures developed to create an audit preparedness framework.
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Why choose Altus Group as your unclaimed property consultants:
Save time and manage audit requests
Online response management system
Diverse expertise
Stay compliant and minimize risk
Up to date due diligence notification requirements, dormancy periods and filing deadlines
Full record retention for all state audit look-back periods
Unclaimed property policy and procedure review and development
$1.8M
$1.1M
$6.5M
Our unclaimed property services have reduced assessments by....
in unclaimed property payable to the states for a large manufacturer and distributor
by reducing a state assessment of past due liability for a large manufacturer
by negotiating a reduction of more than 40% in past due unclaimed property liability
Contact us for a no-obligation assessment!
How can we help?
Reporting servicesConsulting servicesAsset recovery
Save time with our reporting services that allow you to outsource your unclaimed property reporting function. We act as the liaison between you and the states, delivering steady communication and reporting throughout the escheatment process.
Our unclaimed property reporting services include the following:
- Due diligence letter mailing
- Generation of state reports
- Preparation of Voluntary Disclosure Agreements (“VDAs”)
- Thorough deliverables and detailed management reports including history and audit trails
- Access to our online response platform, a technology solution created to increase effectiveness of due diligence and reduce risk
As your consulting partner, we are committed to giving you the knowledge and comfort level you need to stay compliant with state unclaimed property requirements. In the unfortunate event of an escheat audit, we help navigate the complexities involved with multi-state audits, voluntary disclosure programs and annual compliance.
Our unclaimed property consulting services include:
- Audit assistance and defense
- Management of the Delaware VDA program
- Multi-state voluntary compliance assistance
- Diagnostic review
- Policies and procedures
- Education training seminars
Most companies are owed unclaimed property by the states. These funds are often material, can be taken into income immediately, and can help turn accounting and tax departments from cost centers into profit centers. The states set a high bar to prove entitlement and we have the resources and expertise to streamline this process and maximize recoveries for our clients.
Our unclaimed property asset recovery services include:
- Gathering and organizing all legal entity information
- Searching government agency databases using algorithmic logic to identify recoverable property
- Preparation and filing of claims with all states
- Fielding and responding to requests for additional information from states
- Management status reporting for all claims in progress from submission through payment
Frequently asked questions
Get answers to some of the most frequently asked questions below. If you don't find the answer to your question or are unsure if our consulting and reporting service is right for your company, please feel free to contact us.
What is unclaimed property?
All US states and territories, the district of Columbia and three Canadian Provinces have unclaimed property laws requiring companies to annually audit their books are records and report and remit to the states for safekeeping money that belongs to other companies and individuals.
While the stated purpose of these laws in to protect the owners of the money, and to prevent companies from unjust enrichment, the laws allow the states the beneficial use of these funds while they hold them, creating an incentive for states to enforce these laws vigorously.
Unclaimed property is money that has not been claimed by an "owner" for a specified time or “dormancy period”. Dormancy periods do vary by property type and state. After the dormancy period has run, the "holder" of the property must fulfill a final notification/due diligence requirement and remit the property to the appropriate state.
Where should unclaimed property be reported?
There are priority rules when it comes to reporting unclaimed property, established by the US Supreme Court.
The “first priority rule” is to report to the state of the owner’s last known address on the company’s books and records.
The “second priority rule” is to report to the holder’s state of incorporation if the owner’s address is unknown or foreign. Unknown address property is typically triggered by systems conversions, acquisitions, and record retention policies.
Nexus does not apply to unclaimed property. Holders have an obligation to report to every jurisdiction that applies based on the priority rules.
What are the types of unclaimed property?
Intangible property:
- Uncashed checks: Vendor payments, Payroll, Royalties
- A/R: Credit memos, Unapplied payments, Unidentified remittances
- Gift certificates/Gift cards
- Rebates/Refunds
- Deposit/Investment Accounts
- Utility deposits
- Securities: Stocks & dividends
Tangible property:
- Safe deposit box contents
- Excess inventory (Delaware)
When should unclaimed property be reported?
One of the biggest unclaimed property compliance challenges faced by companies is lack of uniformity with the states. Dormancy periods, due diligence mailing requirements and filing formats and deadlines vary state by state.
Download the 2022 unclaimed property reporting due dates by state >
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