If you’ve received an unclaimed property audit notice, don’t throw it on the corner of your desk and wait to address it until you have more time and/or understand it better. That’s what they want you to do. Delays give auditors time to seek cooperation from other states, which increases your liability—AND the amount they earn through contingency fees. Instead, take immediate action when you receive that notice, then begin pulling together resources to prepare for what can be a lengthy, complex and costly process if you make too many mistakes.
Depending on the size of your organization and whether or not you’ve been reporting in past years, penalties and interest after an audit can rise surprisingly high. Even your company’s reputation could take a hit. The good news is you can take steps to lessen the impact of an audit on your organization. This eBook offers background to understand the audit process, as well as practical checklists, tips and steps to help you and your team rally resources, get the wheels turning, and stand UP for the rights you have under audit.
This e-book will help you:
- Understand the premise of statute-based unclaimed property audits and the right of states and third-party audit firms to make demands and conduct examinations; learn why reporting unclaimed property could be considered as important as reporting taxes
- Discover how to reduce the “footprint” of an audit in terms of money, time, and reputation
- Create a plan to prepare for the audit and mitigate potential risk arising out of the audit and perhaps at the same time improve your organization’s internal processes
- Assure your firm has a voice during the audit process, as well as an appropriate forum for communication with the states