Portfolio

Consumer Products Distributor

distrub

Unclaimed Property

Company: Consumer Products Distributor
 
Ownership: Private
 
Service: Unclaimed Property Consulting

What True Partners did

True Partners performed a diagnostic review on a consumer products distributor to quantify its past unreported unclaimed property ("UP") exposure, assisted the company in entering into Voluntary Disclosure Agreements ("VDAs") with 5 jurisdictions, and defended the company in a UP audit conducted by a contract audit firm with 19 participating jurisdictions.

Benefit

  • Identified $10 million of liability reductions on past and current due UP
  • Estimated UP liability for periods where records were unavailable
  • Negotiated VDA terms: waiver of interest/penalties, and look-back scope reduction
  • Contract auditor agreed to use True Partners' workpapers for initial audit review
  • Prepared and mailed 13,000+ due diligence notices per statutory requirements
  • Presented UP liability calculations to external auditors
  • Future Services: Process Improvement consulting, annual UP compliance outsourcing

"True Partners' unclaimed property team members really know what they're doing!"
~Director of Tax, Consumer Products Distributor


Contact Information: Managing Director
Cathleen Bucholtz
213.417.2501
Cathleen.Bucholtz@TPCtax.com

 

« Back

 
©2017 True Partners Consulting LLC. All Rights Reserved
close (X)