UnclaimedProperty
UnclaimedProperty

Initial Compliance, Amnesty & VDA

DMA’s Unclaimed Property Initial Compliance, Amnesty, and VDA services focus on developing a compliance plan and processes, and negotiating successful first reporting of properties.

Unlike many taxes, there are no limits on the look-back where reporting unclaimed property is concerned.  Thus, in addition to annual compliance in each jurisdiction, some businesses have unclaimed property to report for many previous years.  Negotiation to limit look-back and potential liabilities from audit may be a crucial first step to coming into compliance.  DMA’s experienced professionals have state-specific expertise to negotiate the parameters of the initial compliance and limit liability, interest and penalties.

Your DMA professional will:

  • Help identify sources of unclaimed property
  • Assist in creating your compliance team of unclaimed property account holders centralized staffing, and liaison with DMA compliance professionals
  • Guide the diagnostics for reserving for liability, planning phases of initial compliance, and the preparation of reporting
  • Negotiate look-back periods and, as necessary, the sampling methods appropriate for settlement of years where records may be difficult or impossible to obtain
  • Devise equitable audit plans with jurisdictions
  • Manage calculations and property particulars for the initial reports
  • Respond to state inquiries, notices and other matters as they arise
  • Pursue unresolved issues as they arise and as assigned

Initial compliance may appear very daunting, but with your DMA professional, the right processes may be followed to the most expeditious entry into annual compliance.