Ensure clients have right policies, procedures, and systems in place to limit exposure and increase accuracy of compliance with reporting and remittance requirements in each state
CHALLENGE
Unclaimed property -- a liability a company (“Holder”) owes an individual or entity (collectively “Owner”) when a debt or obligation remains outstanding after a specified time period – has become an increasingly important issue over the past 10 years. When a payroll or vendor check, the most common types of unclaimed property, is not cashed it creates a property right protected by state laws. To determine which state to report the abandoned property, the law requires Holders of unclaimed property to notify (a process called “due diligence”) the Owner prior to reporting and remitting it. With the advent of prepaid cards, stored value cards, store credits and gift cards, retailers and states alike now face a slightly different set of challenges when it comes to unclaimed property compliance by Holders. In all cases, failure to comply with state unclaimed property laws can result in an audit as well as significant expense in the form of interest, penalties, the cost to defend an examination, and the obvious disruption to the business.
SOLUTION
Our unclaimed property specialists are equipped to deal with these issues nationwide, and without the restrictions imposed by Sarbanes-Oxley. Our professionals will work with you to ensure you have the right policies, procedures and systems in place to limit exposure and increase the accuracy and efficiency of your compliance with reporting and remittance requirements in each state.In fact, we can assume the ongoing compliance responsibility as an external resource or provide adhoc consulting on compliance matters. In the event of an audit, we’ll act as your advocate, assuming many different roles throughout the process. True Partners is also breaking ground with innovative thinking about issues of unclaimed retail credit and gift, stored value and prepaid cards.
THE TRUE PARTNERS TEAM
Our team collectively has more than 50 years of experience in the complex and evolving area of unclaimed property. We’re available to serve as a resource for information, to work with you in the area of process improvement, or tailor and implement a strategy that meets your organization’s needs. Our dedicated professional team has assisted a long list of Fortune 500 companies and smaller niche businesses in numerous industries. Whatever the size of your firm, our team will deliver a consistent, high level of expertise to meet your unclaimed property needs.
Cathleen A. Bucholtz, CPA Managing Director
213 417 2501 |
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Michelle Moloian Manager
213 417 2504 |
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Samantha R. Petersen Senior Manager
213 417 2510 |
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Steven Swaigenbaum, CPA Manager
213 417 2531 |
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Tanesha S. Jones, ESQ, CPA Manager
312 924 3206 |
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