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In the following podcast, Julia Colbus, Senior Director with Altus Group State & Local Tax and Advisory, discusses the unclaimed property compliance lifecycle, and how “one size does not fit all” companies.

When it comes to unclaimed property compliance, the first step is acknowledging the problem. From there, companies need to perform the review, determine when and where to report, as well as understand the Voluntary Disclosure Agreements (VDA) options in the states where they do business. And, finally, it is critical to remain in compliance in the near- and long-term.

No two companies are the same when it comes to unclaimed property and a customized approach is always best. In addition to different liabilities and review processes, considerations are given to accounting operations, record retention policies, and even the handling of outstanding checks. While the end-goal is gaining 100 percent compliance, getting to that destination is a very different journey for each company.

One size also does not fit all when it comes to filing requirements in each state.  A little more than half of the states have informal requirements, while others have moderate to formal processes, which can be time-consuming to meet.

Getting and staying in compliance is highly challenging, and often requires the right external experts to help companies manage the entire process.

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