Thomson Reuters announced that its ONESOURCE Unclaimed Property group has formed a strategic relationship with Unclaimed Property Recovery & Reporting (UPRR) LLC to help companies comply with increased enforcement of unclaimed property laws.
With more than half of Fortune 100 companies currently or recently undergoing an unclaimed property audit, the combined offering, which includes Thomson Reuters unclaimed property consulting and compliance services, as well as UPRR’s owner location service, will enable companies to elevate compliance and minimize risk pre-escheat.
"We are seeing more and more states aggressively enforce their unclaimed property laws as they continue to recover from the recession," said Mark A. Paolillo, CPA and vice president of ONESOURCE Unclaimed Property. "By teaming with UPRR, we are able to offer our clients even more resources to help them comply with the increasingly enforced and complex unclaimed property laws."
"ONESOURCE Unclaimed Property provides companies with a diverse and focused team of specialists that offer a wide array of services to help them understand the state requirements and proactively establish effective processes to ensure they are in compliance and minimize the risk of protracted and costly audits."
Unclaimed property collections exceed hundreds of millions of dollars in annual receipts for the various states. With the majority still in deficit (source: Center on Budget and Policy Priorities, "States Continue to Feel Recession’s Impact," July 17, 2011), they are expected to more stringently enforce and expand the scope of existing unclaimed property laws.
"Many states see unclaimed property as a way to raise revenue without increasing taxes,” said Bob Irvine, UPRR co-founder and president. “Working with Thomson Reuters is just one of the many ways UPRR is helping companies achieve compliance with confidence, while putting funds where they belong – in the hands of rightful owners."
In addition to facing stiff fines and penalties for non-compliance at the state level, there could also be federal implications for failure to properly address this important compliance requirement as outlined in Sections 404 and 302 of Sarbanes-Oxley. For more information on ONESOURCE Unclaimed Property and ONESOURCE Property Tax from the Tax & Accounting business of Thomson Reuters, visit http://www.onesource.thomsonreuters.com/unclaimed-property