Minimize Your Unclaimed Property Risk

The Importance of Unclaimed Property Compliance

Unclaimed property generally refers to financial assets that are presumed to be abandoned after a certain period of inactivity, such as uncashed checks/wires, forgotten bank accounts, or customer credits. States require businesses to report and remit these properties to the state, typically on an annual basis. Failing to comply with these regulations can result in heavy fines, penalties, and interest, which can add up quickly and put a strain on your company’s finances.

At Advisely, we understand the complexities of unclaimed property reporting and the challenges companies face in staying compliant. That’s why we offer a range of services designed to take the burden off your shoulders and ensure that your business remains in good standing with state regulations.

How Advisely Can Help

1. Annual Reporting

   
   

   Navigating the annual unclaimed property reporting requirements can be time-consuming and overwhelming. Advisely provides end-to-end assistance with the preparation and filing of annual unclaimed property reports, ensuring they are submitted accurately and on time, minimizing the risk of penalties and interest.

   
   

2. Due Diligence and Owner Outreach

   
   

   Part of the reporting process involves reaching out to the rightful owners of unclaimed property. The state-mandated due diligence process  often requires specific verbiage and timelines. Advisely assists companies in conducting thorough due diligence using their proprietary methods that guarantee compliance with the applicable jurisdiction’s requirements. Our experienced team handles the owner outreach process efficiently, saving you both time and resources.

   
   

3. Audit Defense

   
   

   If your company is selected for an audit by a state, the process can be overwhelming and costly. Advisely offers audit defense services to protect your business against aggressive audit practices. We represent you during audits and help resolve any disputes, ensuring the best possible outcome for your company.

   
   

4. Voluntary Disclosure Agreements (VDAs)

   
   

   If your company has not been in compliance with unclaimed property laws in the past, a Voluntary Disclosure Agreement (VDA) can be an effective way to resolve any issues and avoid hefty penalties. Advisely helps businesses navigate the VDA process by negotiating favorable terms with states, reducing both the financial burden and potential legal risks associated with non-compliance.

   
   

5. Corporate Asset Recovery

   
   

   Many companies may be unaware of valuable assets they are entitled to recover. Advisely assists businesses in identifying and recovering unclaimed property, ensuring that they do not miss out on assets that can benefit their bottom line.

   
   
   
   

Why Choose Advisely?

By partnering with Advisely for your unclaimed property consulting needs, you can save significant time and expense each year. Our team of experts ensures that all aspects of your unclaimed property compliance are handled with the utmost care, from reporting and due diligence to audit defense and asset recovery. With Advisely's support, you can focus on running your business while we take care of the complexities of unclaimed property compliance.

Contact Advisely to learn how we can help your business simplify unclaimed property compliance and avoid costly mistakes.