Portfolio

Retail Pharmacy

pill_bottles_on_pharmacy_shelf

Unclaimed Property

Company: Retail Pharmacy
 
Ownership: Private
 
Service: Unclaimed Property Consulting
Voluntary Disclosure
Audit Defense
Polices and Procedures

What True Partners did

True Partners performed a review of a retail pharmacy to quantify its unclaimed property ("UP") exposure and assisted in negotiating favorable settlements with the company's state of incorporation, as well as in other jurisdictions through voluntary disclosure agreements ("VDA").

True Partners assisted the retailer with an UP audit with seven participating jurisdictions specifically related to mergers and acquisitions. Further, True Partners assisted the retailer with process improvement recommendations for developing formal UP policies and procedures.

Benefit

  • Negotiated VDA terms, including waiver of interest and penalties, overall savings of $13.3 million
  • Additional savings to be recognized as benefits of UP audit are pending
  • Process improvement recommendations for existing UP processes, policies, and procedures will likely result in regular annual benefit related to efficiency gains and proper application of state regulations and exemptions

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

 

« Back

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