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Managing Unclaimed Property Audits

Source: Financial Executives International TV

Duff & Phelps, LLC
Robert Peters, Managing Director, Tax Services

Runtime: 7:47

Robert Peters is a managing director in the Chicago office of Duff & Phelps, LLC.
He specializes in national unclaimed property, sales tax advisory and compliance services.

  1. The majority of states have unclaimed property audit programs that are enforced by State employees or Third party auditors.
  2. Third party auditors are generally hired on a contingent fee basis by the states. They may audit on behalf of multiple states at the same time.
  3. Managing an unclaimed property audit may include the following steps:
    • Confirm receipt of the audit notice.
    • Establish a confidentiality agreement with the state(s) initiating the audit.
    • Perform an internal assessment of your books and records.
    • Analyze the company’s business to determine what property types (other than payroll and accounts payable) have the potential to generate unclaimed property.
    • Determine the accuracy of previously submitted unclaimed property reports, if any, including zero reports.
    • Review business practices to determine if liabilities have and/or are written-off or taken back to income (stale date checks; accounts receivable credits; suspense items).
    • Perform due diligence to re-unite the owner with the unclaimed property.
    • Review the specific voluntary compliance program rules of the applicable states to which liabilities are owed.

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