States have evolved their abandoned and unclaimed property compliance programs to become multi-channel. States are now using audits, voluntary disclosures, self-reviews, and verified reporting as mechanisms to reach more potential holders of unclaimed property and enforce compliance. With more options comes more complexity for companies to navigate.
SimekScott's state and local tax (SALT) abandoned and unclaimed property consulting practice brings clarity and certainty to the obscure and complex world of abandoned property. SimekScott employs a comprehensive and holistic approach to abandoned property compliance by quantifying our clients’ unclaimed property exposure and deploying remediation strategies to mitigate that exposure across all reporting jurisdictions.
We work with each functional area and provide a customized solution to deal with our clients’ current abandoned and unclaimed property issues. We implement strategies to mitigate their future risk so that our clients can deliver on their short and long term business objectives without worrying about abandoned property compliance.
Abandoned and Unclaimed Property Audit Defense: Advocating for our clients while acting as a liaison with the third-party auditor and/or state administrator. We have an intimate understanding of the examination process and can anticipate future audit requests to keep our clients ahead of the auditors. This allows our clients to provide timely responses to audit requests and expediate the completion of an audit.
Liability Quantification Analysis and Exposure: Assisting with the determination of a client’s unclaimed property exposure by reporting jurisdiction to help ensure the company is accurately complying with the ever-changing and complex abandoned and unclaimed property regulations.
Policy and Procedure Review: Analyzing a company’s current abandoned and unclaimed property compliance methodology and implementing best practices to ensure compliance.
State Voluntary Disclosure Agreements (VDAs) and Self-Reviews: Work with state abandoned property administrators to address our clients' historical abandoned and unclaimed property liabilities and come into compliance.
Verified Reports: Aid with responding to state verified report letters / confirmations.
Annual Compliance: Prepare and file annual unclaimed property reports. Review our client’s unclaimed property data, identify exemptions, deferrals, and other available deductions and identify property that needs to be reported.
Abandoned Property Restructuring and Planning: Assisting with entity restructuring from a statutory, organizational and cost perspective; analyzing financial and operational situations or plans from an abandoned property perspective to align unclaimed property mitigation strategies with your business strategy.