JMS is a full service unclaimed property consulting firm.
We provide a complete array of services to meet your unclaimed property compliance needs:
Analysis & Quantification
We will review your financial information in order to assist in determining the types of property and extent of unclaimed property exposure to all states. Our approachis formulated from these core principles:
- Cost-effective assistance for the client with its unclaimed property compliance processes; with the objective to be as thorough as possible by leveraging our experience and technological resources; and
- Proactive minimization of the client's unclaimed property reporting obligations through an aggressive, yet legal, application of statutory exemptions and generally accepted accounting principles.
State Voluntary Disclosure Negotiation
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 your company or organization in the future for the same periods.
- Our professionals have experience negotiating and completing voluntary disclosures in every jurisdiction
- Our success rate for interest and penalty waivers is over 95%
Audit Defense
Unclaimed property audit activity is on the rise. Our firm has vast experience handling these audits for clients. Click here to see how we manage audits in greater detail.
Complete Compliance Outsourcing
Complete transfer of all aspects of the filing and due diligence processes. For a more comprehensive description of outsourcing services, view our Total Compliance Outsourcing Page.
Recovery of Unclaimed Property
Your company or organization may have assets owing to it that can be rightfully claimed. In this process, we coordinate with our clients to research, discover and retrieve these unclaimed assets. We scour single and multi-jurisdictional databases to maximize the recovery of funds.
Policy & Procedure Development
Many of our clients learn a great deal on an ad hoc basis about enhancing their compliance processes throughout the course of our more traditional voluntary disclosure and audit defense engagements. However, we are often engaged to design specific controls and processes for a particular organization's needs in this area that includes the following:
- Perform assessments of present internal controls
- Coordinate processes across various functional lines
- Work with department managers to manage unclaimed property early and increase compliance
- Develop business performance and reporting metrics for all departments affected by implemented processes
- Work with departments to drive policies and procedures to ensure compliance
- Conduct a post-implementation review to assess adherence to the implemented processes
- Coordinate requests from internal and external auditors
Typically driven by internal audit, Sarbanes-Oxley compliance, or some other external force - we can assist your company by creating and implementing a policy and procedure for effective unclaimed property compliance.
Other Services
The benefit we bring to our clients also results from our other services (listed below). Let us know how we can best assist your company in managing its compliance function.
- Gift Card Consulting & Process Enhancement
- Litigation Support/Expert Witness Testimony
- General Consulting on Novel Issues