Companies often seek relief from the administrative burden related to managing the escheat reporting process internally. Tracking the different reporting deadlines, dormancy periods, property types subject to escheat, reporting and due diligence thresholds, and determining the appropriate application of exemptions can be overwhelming.
There may be no event in all of corporate management that is more stressful or intrusive than dealing with an unclaimed property audit. JMS is vastly experienced in dealing with the states conducting these audits.
Many corporations have unclaimed assets that are currently sitting in the coffers of various jurisdictions. These assets were either seized by these jurisdictions through audits or voluntarily turned over to the states by other companies. These assets are retained in the state’s custody until the rightful owner comes forward to claim them.
Once exposure is identified and accurately quantified, we will assist with negotiating with the states to voluntarily report and remit past due amounts - under the most favorable of terms. This may include - complete or partial waiver of interest and penalties, limitation of lookback periods, limitation of reported property types, and, limiting a state's right to audit..
Our experience with unclaimed property consulting comes from the Multi-State Tax Commission, Arthur Andersen and other "Big 4" accounting firms, the largest independent state and local tax consulting firm in the U.S., and working for state unclaimed property agencies.