For more information    www.crowehorwath.com
Header Image

Is unclaimed property off your radar screen?

Perhaps it’s because you think the amounts are not material. Unfortunately, a casual self-assessment doesn’t matter much in the eyes of state treasury officials. Hungry for new revenue, states contract with “bounty hunters” who look for companies violating escheat laws. Crowe Horwath LLP can help you avoid penalties and comply with complex escheat requirements.

Noncompliance increases state and federal risks.
States are becoming increasingly more assertive in their rights to unclaimed property, which is valued in the hundreds of millions of dollars from coast to coast. This is money that elected officials would like to claim for their state treasuries.

All 50 states have escheat laws, but dormancy periods vary, along with types of property affected and penalties for noncompliance. In addition, there are federal revenue-recognition implications, and misstatement of unclaimed property liabilities can result in material amounts with Sarbanes-Oxley reporting ramifications.

Take a proactive stance to avoid excessive fines.
Rather than wait for one of the bounty hunters to nab you, it’s advisable to be proactive. Do you have in-house expertise to handle this area? If not, Crowe’s escheat tax specialists can help you avoid penalties, apply for amnesty in certain cases, and implement streamlined compliance processes.

We offer escheat services in multiple areas: compliance, audit defense, revenue recognition planning, and unclaimed property planning and process improvement.

Benefit from tax experience and Crowe professionalism.
Crowe tax professionals are aligned by industry and technical areas, such as unclaimed property and other areas pertaining to state and local taxes. As a result, your organization stands to benefit from advice delivered by professionals with a thorough understanding of the relevant issues affecting your business.