TopProvider LB - AFP Treasury and Finance Marketpl
TopProvider LB - AFP Treasury and Finance Marketpl

Clarus Partners

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Unclaimed property represents a notable revenue stream for states and presents a significant risk for non-compliant companies. With 54 reporting jurisdictions spanning the 50 U.S. states, Washington DC, Puerto Rico, U.S. Virgin Islands, Guam, and 3 Canadian provinces, the complexities of annual reporting cannot be ignored. Most intriguingly, unclaimed property is not classified as a tax. This means it often slips through a company's standard compliance checks. The consequences of overlooking it? Potential audits spanning 15 to 22 years, with most states lacking a statute of limitations.

What constitutes unclaimed property? It encompasses obligations by a company to its stakeholders: be it employees, vendors, customers, or shareholders. If these obligations remain outstanding or unpaid over a certain duration, they qualify as unclaimed property. Every company, irrespective of its domain, size, or location, might generate unclaimed property.

If your company:

Has never filed unclaimed property reports.
Filed previously but is now out of compliance.
Submits incomplete reports.
Has acquired stocks and bears successor liability.
Hasn't faced a state audit or was audited over 6 years ago.

Then, you're at a heightened risk of a substantial multi-state audit, often by 3rd party firms.

How can Clarus Partners help?
Our seasoned experts:

Assess if your company is vulnerable to unclaimed property liabilities.
Identify strategies to mitigate these risks, such as waiving relevant interest and penalties.
Provide audit defense to curtail exposure.
Ensure annual compliance for timely reporting across all jurisdictions.

Our Service Suite:

Exposure analysis
Voluntary disclosures
Audit defense

Company Details

Address
1233 Dublin Rd
Columbus, OH 43215

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