DMA’s Outsourced Unclaimed Property Compliance service is a complete annual compliance solution. Our unclaimed property managed service includes all or any of the following:
- Managing compliance for all unclaimed property
- Sending formal due diligence letters and tracking owner replies
- Reissuing checks to property owners
- Filing reports with the states
- Reconciling the general ledger
Each engagement begins with a thorough discussion of your unclaimed property processes and service expectations. From there, our unclaimed property annual compliance team creates a calendar and process defined by your reporting and remittance requirements. We also manage responses to state notices and inquiries about your reports.
AUDIT MANAGEMENT & DEFENSE
DMA’s Unclaimed Property Audit Management & Defense service provides the support you need in defending your current or past compliance operations during single- and multi-state audits. Depending on your needs, our team can manage the whole audit process or provide ad-hoc support.
Our comprehensive audit management service includes:
- Pre-audit planning
- Initial audit meeting assistance
- Document retrieval and review
- Audit work paper review for accuracy and compliance
- Pursuit of unresolved issues
- Process improvement for potential future audits
- Devising equitable audit plans with each applicable jurisdiction
DMA effectively manages unclaimed property audits to reduce your exposure or liability.
INITIAL COMPLIANCE & VDA
Unclaimed Property Initial Compliance & VDA focuses on developing a compliance plan, processes, and negotiations for successful first reporting of properties.
Our Initial Compliance & VDA service includes:
- Identifying sources of unclaimed property
- Calculating past-due and penalty amounts on a per-state basis
- Guiding the diagnostics for reserving for liability
- Planning the phases of initial compliance
- Preparing reporting methods
- Negotiating look-back periods, including sampling methods for settlement in years where records may be difficult to obtain
- Managing calculations and property particulars for initial reports
- Responding to state inquiries, notices, and other matters
- Pursuing unresolved issues
Our experienced professionals leverage their state-specific expertise to negotiate the parameters of the initial compliance process, all while minimizing audit expore and limiting liability, interest, and penalties.