Noncompliance with state unclaimed property laws is a significant source of risk to companies
Noncompliance with state UP laws is a significant source of risk to companies
State unclaimed property laws generally require “holders” to report and remit a multitude of property types - such as checks, credits, royalty suspense balances, bank and brokerage accounts, securities holdings, and unredeemed gift card values - that have been unclaimed by an owner or inactive for a statutorily defined period of time.
Frequent legislative changes, administrative reinterpretations, and audit and enforcement activity creates complex challenges for entities that hold and generate unclaimed property liabilities.
Whether responding to an unclaimed property audit notice, completing annual compliance obligations, or taking other proactive steps for risk identification and mitigation, KPMG’s dedicated unclaimed property professionals offer deep technical knowledge, unique solutions, technological aptitudes, and strong relationships with state unclaimed property administrators to help organizations across a broad range of industries identify and resolve known and unknown unclaimed property risks.
Our services include:
• Audit Defense & Risk Assessments
• Voluntary Compliance Resolution (VDA) Support
• M&A Due Diligence
• Penalty & Interest Calculations
• Development of Policy & Procedures and Leading Practices
• Compliance Matrices and Legislative Tracking
• Due Diligence Production, Mailing, and Tracking of Responses
• Report Preparation and Filing Support
• Past, Present, and Future Due Liability Analysis
• Foreign Jurisdiction Guidance
• Data Rehabilitation & Clean Up Filings
• Statutory Exemptions Analysis
• Improved Address, Next of Kin, and Death Master File (DMF) Search programs
• Past Due Property Abatement Strategies
• Education and Training Sessions